Real Estate

Wild swings in mortgage rates last week caused a rare surge in refinancing


An “Open House” sign at the Saratoga Homes Glendale Lakes community development in Arcola, Texas, on Tuesday, July 12, 2022.

Mark Felix | Bloomberg | Getty Images

After dropping at the end of July, mortgage rates moved higher on average again last week, but the daily moves were volatile. Mortgage demand was split, with gains in refinancing but declines in applications from homebuyers, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.47% from 5.43%, with points rising to 0.80 from 0.65 (including the origination fee) for loans with a…


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