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Brief drop in mortgage rates causes sudden surge in refinancing

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A brief drop in mortgage rates, due to the first news of the omicron variant, caused mortgage refinance demand to rise dramatically last week. But it will likely be short-lived.

The rate drop wasn’t all that dramatic when looking at the weekly average of the 30-year fixed. For loans with conforming loan balances ($548,250 or less), it fell to 3.30% from 3.31%, with points decreasing to 0.39 from 0.43 (including the origination fee) for loans with a 20% down payment, according to the Mortgage Bankers Association.

Again, that was the average. Rates had dropped sharply at the end of the previous week and then stayed…



Source cnbc.com

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