Mortgage Info

Falling Mortgage Rates Set Off a Stampede of Borrowing

Doug Whiteman
Photo by Nick Youngson / CC BY-SA 3.0 Alpha Stock Images

Mortgage applications have surged more than 30% as Americans flock to take advantage of the lowest mortgage rates in months, a trade group said Wednesday.

"The mortgage market saw a strong start to 2020. Applications increased across the board" last week, says Joel Kan, associate vice president of economic and industry forecasting for the Mortgage Bankers Association. "Lower rates provided a larger incentive for borrowers to act."

If you're thinking about buying a home, or if you already have a mortgage but could do better by refinancing, you ought to think about joining the crowd.

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Print Date: 9/30/2022
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