Weekly mortgage refinances spike 20% after interest rates drop to February low

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Weekly mortgage refinances spike 20% after interest rates drop to February low
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A sudden and unexpected drop in mortgage rates sent borrowers to their lenders in droves, hoping to save on their monthly payments.

Applications to refinance a home loan jumped 20% last week from the previous week, according to the Mortgage Bankers Association's weekly index, which was seasonally adjusted, including for the Fourth of July holiday.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 3.09% from 3.15%, with points decreasing to 0.37 from 0.38 for loans with a 20% down payment. Kan noted that there may have been a delayed spillover of applications from the previous week, when rates also decreased but there was not much of response in terms of refinance applications.

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