Mortgage rates are way below their peak. Americans are swooping in | CNN Business

Washington CNN  — 

The standard, 30-year fixed-rate mortgage averaged 6.49% this week, up slightly from the prior week’s level, Freddie Mac reported Thursday. But that’s still well below this year’s peak and the two-decade high last fall — and that appears to be enough to entice homeowners to refinance.

Mortgage applications surged 17% last week, driven by homeowners seeking to refinance, up by a staggering 35%, the Mortgage Bankers Association reported Wednesday. Mortgage rates plummeted last week to their lowest level in more than a year, according to figures from mortgage financing giant Freddie Mac.

And borrowing

→ Continue reading at CNN - Business News

More from author

Related posts

Advertisment

Latest posts

The asteroid that may have killed the dinosaurs came from beyond Jupiter

Earth’s most famous killer asteroid came from the outer reaches of the solar system, researchers report in the Aug. 16 Science. About 66 million...

More than 4 billion people may not have access to clean water

Access to clean water is a human right — one that half of the world may not have. Out of the roughly 8 billion...

Elon Musk’s AI photo tool is generating realistic, fake images of Trump, Harris and Biden | CNN Business

New York CNN  —  Elon Musk’s AI chatbot Grok on Tuesday began allowing users to create AI-generated images from...