Mortgage refinance demand rises as rates dip

 

While mortgage rates remain considerably higher than earlier this year, they edged down slightly last week following several consecutive weeks of increases. This dip prompted renewed interest, particularly in refinancing. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances dropped to 7.18% from 7.29%, with points unchanged at 0.65 for loans with a 20% down payment.