Mortgage rates fell for the eighth strai🌠ght week, stoking another surge in refinancing as homebuyers race to refinance high-rate mortgag𝔍e loans.

The 30-year, fixed-rate mortgage declined to 6.13% in the week ending Sept. 20, its lowe♛st rate in two years. The decline in borrowing costs drove up demand for mortgages, with application volume for home loans increasing by 11% compared to the prior week, 𒊎Mortgage Brokers Association (MBA) data showed. 

Consumers also found good rates with government-backed loans, with rates for 澳洲幸运5开奖号码历史查询:Federal Housing Administration ᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ(FHA) loans dropping below 6%. 

“As a result of lower rates, week-over-week gains for both conventional and government refinance applications increased sharply,” said Joel Kan, MBA🔯 vice president and deputy chief economist.

Refinancing Surges As🍷 People Se🍌ek Interest Rate Relief

The data showed 澳洲幸运5开奖号码历史查询:refinancing activity surged again. Application🐠s for refinancing increased by 20% compared with the prior week. Compared with a year ago, when the 30-year mortgage was around 7.5%, refinancing levels were higher by 175%. 

“The ref🅰inance share of applications is now at 55.7%, and while the level of refinance activity is still modest compared to prior refi waves, they now account🥂 for the majority of applications, given the seasonal slowdown in purchase activity,” Kan said. 

Home purchase activity was only slightly higher than the previous week, with the average loan size for home purchases at🔯 $447,700.