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Home»Personal Finance»Weekly Mortgage Rates Trickle Down; Refinances Are on the Rise
Personal Finance

Weekly Mortgage Rates Trickle Down; Refinances Are on the Rise

February 7, 2025No Comments2 Mins Read
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Mortgage interest rates have dropped to their lowest level since mid-December, remaining below 7% for the third consecutive week.

The average rate for a 30-year fixed-rate mortgage fell by 11 basis points to 6.81% for the week ending Feb. 6, as reported by Zillow to BW. A basis point represents one one-hundredth of a percentage point.

While the rates are an improvement, they may not be as exciting for potential borrowers who were expecting even lower rates in 2025 compared to 2024 when rates were around 6% in September.

Refinances have contributed to an increase in mortgage applications, with a 2.2% rise reported for the week ending Jan. 31, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey released on Feb. 5. Despite a slight decrease in purchase applications, more borrowers are opting for refinancing. This trend follows a drop in the 30-year mortgage rate to its lowest level in six weeks.

Among all mortgages originated last week, 39% were refinances, up from 37.1% the previous week. However, it is unlikely that mortgage rates will see significant drops in the near future, as economic markets await the outcomes of the Trump administration’s policies.

The article also discusses the potential for economic uncertainty to drive cash-out refinances, as homeowners may seek to leverage their equity gains. Cash-out refis can provide homeowners with access to spending money without taking out a second mortgage or dealing with the risks associated with variable rates.

Overall, the article emphasizes the importance of considering all factors, including potential savings and long-term plans, before deciding whether to refinance. It also highlights the benefits of cash-out refinances for homeowners looking to pay off debts or take advantage of equity gains amidst economic uncertainties.

If you are interested in exploring mortgage options and starting on your homeownership goals, consider getting personalized rates through a lender match service to find the best mortgage solution for your needs.

Mortgage Rates Refinances Rise Trickle weekly
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