Refinance activity last week hit its highest level since August 2022, when mortgage rates were closer to 5%. But it’s far too early to celebrate.

Refinance activity received a major boost last week as mortgage rates declined on the back of expectations that the Federal Reserve will cut interest rates and a possible recession looms. The dollar volume of refinance applications increased 32.8% for the week ending Aug. 9 from the previous week, according to Fannie Mae’s Refinance Application-Level Index (RALI).

RALI dollar volume rose 94.4% compared to the same period in 2023 when the average 30-year fixed details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com