Mortgage refinance applications have surged 35 percent over the past four weeks as declining interest rates create opportunities for homeowners to lower their monthly payments. The Mortgage Bankers Association reports the highest refinance volume since early 2024.
Homeowners who purchased or refinanced when rates peaked above 7 percent stand to benefit the most, with potential savings of several hundred dollars per month depending on loan size and term.
Lenders are ramping up staffing and marketing efforts to handle the increased volume, though some borrowers report longer processing times as a result of the surge.
