The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased last week to 7.00% from 7.03%.
Homeowners were sitting on a collective $17 trillion in equity as of the end of the first quarter of 2024.
The recent run-up in home prices, a staggering increase of more than 40% from pre-pandemic levels, should have current homeowners rushing to refinance. But for most, pulling that cash out simply costs too much now that interest rates are more than twice what they were just two years ago.Applications to refinance a home dropped last week for the fourth straight week, down 2%, according to the Mortgage Bankers Association's seasonally adjusted index.
"Although home equity gains have been significant in recent years, most borrowers do not have much of an incentive to refinance at current rates," said Joel Kan, an MBA economist, in a release.with conforming loan balances decreased last week to 7.00% from 7.03%, with points decreasing to 0.60 from 0.62 for loans with a 20% down payment.
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