Economy

Mortgage refinances fizzle as interest rates resume their climb

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A sign advertising home loan rates for purchase or refinancing at a Bank of America in New York.

Scott Mlyn | CNBC

A brief surge in mortgage refinance demand fizzled fast, after interest rates resumed their climb along with the stock market. The initial scare from the Covid omicron variant caused rates to drop for about four days, sending borrowers rushing to their lenders, but then rates moved sharply higher again, and then see-sawed a bit last week.

As a result of the sharp swings, for the week the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) remained unchanged at 3.30%, with points staying unchanged at 0.39 (including…



Source cnbc.com

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