HomeBusinessWild swings in mortgage rates last week caused a rare surge in...

Wild swings in mortgage rates last week caused a rare surge in refinancing

After dropping at the end of July, mortgage rates moved higher on average again last week, but the daily moves were volatile. Mortgage demand was split, with gains in refinancing but declines in applications from homebuyers, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.47% from 5.43%, with points rising to 0.80 from 0.65 (including the origination fee) for loans with a 20% down payment. While the weekly average didn’t change much, daily moves were more dramatic.

Another read from Mortgage News Daily showed the average rate on the 30-year fixed jumping 45 basis points at the start of last week, then falling 41 basis points on Thursday and then jumping up again by 36 basis points. Mortgage rates don’t often move in such large…

Read more at www.cnbc.com

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