Real Estate

Brief drop in mortgage rates causes sudden surge in refinancing


A real estate agent shows a home to a prospective buyer in Miami.

Getty Images

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…


0 0 votes
Article Rating

Southwest Airlines says travel demand is improving, forecasts fourth quarter profit

Previous article

Japanese billionaire Yusakua Maezawa arrives at ISS

Next article

You may also like

Notify of
Inline Feedbacks
View all comments

More in Real Estate