Mortgage Rates Drop to 15-Month Low, Prompting Refinance Surge

Homeowners are taking advantage of the lowest mortgage rates in over a year to refinance, though experts advise caution due to associated costs.

Average 30-year mortgage rates have fallen to 6.47%, the lowest since May 2023.
Refinance applications now make up nearly 42% of mortgage applications, the highest since March 2022.
Experts recommend considering the full costs of refinancing, including fees that may not be rolled into the new loan.
Mortgage rates are expected to decline further as the Federal Reserve considers rate cuts.
Despite lower rates, homeowners should evaluate how long they plan to stay in their home to ensure refinancing is beneficial.