Real Estate

Weekly mortgage refinance demand jumped on brief drop in rates


Real estate agents leave a home for sale during a broker open house in San Francisco, California.

Justin Sullivan | Getty Images

A brief drop in mortgage interest rates sent some borrowers rushing to their lenders to see if they could get any savings. That sent total mortgage application volume up 2.1% last week from the previous week, according to the Mortgage Bankers Association.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.11% from 3.18%, with points decreasing to 0.32 from 0.34 (including the origination fee) for loans with a 20% down payment. That is the lowest rate since February, and it is 32 basis…


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