More evidence is emerging that the recent decline in mortgage rates is prompting more borrowers to refinance.

In its July 2024 Market Advantage report released on Monday, mortgage technology firm Optimal Blue reported that refinance demand, measured by the level of locked loans, grew to its highest point since September 2022.

Data from HousingWire‘s Mortgage Rates Center shows that rates were in the midst of an upswing in September 2022, with the average rate for 30-year conventional loans at 6.88% at the end of that month. On Friday, 30-year conventional rates averaged 6.72%, a low point for details ⇒

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