{"id":9940,"date":"2025-02-10T09:53:02","date_gmt":"2025-02-10T09:53:02","guid":{"rendered":"https:\/\/finderica.com\/?p=9940"},"modified":"2025-02-10T09:53:02","modified_gmt":"2025-02-10T09:53:02","slug":"weekly-mortgage-rates-trickle-down-refinances-are-on-the-rise","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=9940","title":{"rendered":"Weekly Mortgage Rates Trickle Down; Refinances Are on the Rise"},"content":{"rendered":"<div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Mortgage interest rates have fallen to their lowest point since mid-December, and have remained under 7% for the third consecutive week. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">The average rate on a 30-year fixed-rate mortgage fell 11 basis points to 6.81% the week ending Feb. 6, according to rates provided to SS by Zillow. A basis point is one one-hundredth of a percentage point.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">It\u2019s better, but not terribly exciting for potential borrowers who were hoping 2025 would bring lower <\/span><span class=\"_28z5Fp _3-to_p\">mortgage rates<\/span><span class=\"_28z5Fp _3-to_p\"> than 2024; we saw rates hovering around 6% back in September. <\/span><\/p>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _2w4PM3 _1My7YX\" data-currency=\"Text\" id=\"refinances-push-mortgage-applications-upward\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">Refinances push mortgage applications upward<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Weekly mortgage applications increased 2.2% in the week ending Jan. 31, according to the Mortgage Bankers Association\u2019s (MBA) Weekly Mortgage Applications Survey released Feb. 5. While purchase applications decreased slightly, more borrowers are choosing to <\/span><span class=\"_28z5Fp _3-to_p\">refinance<\/span><span class=\"_28z5Fp _3-to_p\">. This comes after the 30-year mortgage rate dipped to its lowest point in six weeks, said Joel Kan, MBA vice president and deputy chief economist. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">\u201cMortgage applications responded to these lower rates and were up for the week overall, driven by a 12% increase in refinance applications, which had their strongest week since December 2024,\u201d said Kan in a press release.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Among all mortgages originated last week, 39% were refinances, up from 37.1% the previous week. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Mortgage rates are unlikely to see major drops any time soon, as economic markets wait to see what comes of the <\/span><span class=\"_28z5Fp _3-to_p\">Trump administration\u2019s sweeping actions<\/span><span class=\"_28z5Fp _3-to_p\">. So, knowing that there may not be better deals to hold out for, should you refinance now?<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">It depends on how much you\u2019ll actually save and how long you plan to stay in the home. Let\u2019s say you got a $300,000 mortgage in October 2023, when the average 30-year rate was 7.74%, and you can refinance today to a 7% rate. Assuming you pay $12,000 (roughly 4%) in <\/span><span class=\"_28z5Fp _3-to_p\">closing costs<\/span><span class=\"_28z5Fp _3-to_p\">, you\u2019ll break even after about five and a half years and reduce your monthly payments by about $175. You\u2019ll save more than $25,000 over the life of the loan.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<div>\n<div>\n<div class=\"_3wlVa6 _2247K8 _3eCw6n\">\n<div class=\"_3wlVa6 _2247K8\">\n<div>\n<div class=\"_2vcpA4 td77J8 PIqV0k _2lZbKL _32aq7f _1r_py0 _33JiRF _2F9T-X _1xbdug\" style=\"flex-direction:column\">\n<div class=\"_1TDqyw\">\n<p><span class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\">Explore mortgages today and get started on your homeownership goals<\/span><\/p>\n<p><span class=\"_21EZtY _2LuWPZ _3_uGsM _28z5Fp N36gAq\" data-currency=\"Text\">Get personalized rates. Your lender matches are just a few questions away.<\/span><\/p>\n<\/div>\n<div class=\"_2vcpA4 PIqV0k wnPEbn _2N11b- _1TDqyw\">\n<div class=\"_1TDqyw\">\n<div class=\"_2w4PM3\">\n<div data-currency=\"Columns\" class=\"_2DPHJa _2TtTbq _2HM5Cl _3UifXY\">\n<div data-currency=\"Column\" class=\"_12cv4d qVG6Ts\"><label class=\"_2lZ2l6\" for=\"nw-aria-ssr-6-6-1-1-3\"><span class=\"TS4Kq- _28z5Fp vRhsJJ _2lZ2l6\">What&#8217;s your property type?<\/span><\/p>\n<div class=\"_1IaSjl emgdYA _1udEV5\"><select class=\"_18mj-v _30anQr _1udEV5 g2zh3L\" data-currency=\"Select\" id=\"nw-aria-ssr-6-6-1-1-3\" placeholder=\"Select your option\"><option value=\"\" disabled>Select your option<\/option><option selected value=\"house\">Single family home<\/option><option value=\"townhome\">Townhouse<\/option><option value=\"condo\">Condo<\/option><option value=\"multi-family\">Multi-family home<\/option><\/select><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\" class=\"_3qh7ju _2ulGkX\" fill=\"currentcolor\" focusable=\"false\"><path d=\"M5.942 8h12.116c.838 0 1.257 1.02.664 1.618l-6.056 6.104a.939.939 0 01-1.332 0L5.278 9.619C4.685 9.02 5.104 8 5.942 8z\"><\/path><\/svg><\/div>\n<p><\/label><\/div>\n<div data-currency=\"Column\" class=\"_12cv4d qVG6Ts\"><label class=\"_2lZ2l6\" for=\"nw-aria-ssr-6-6-1-1-4\"><span class=\"TS4Kq- _28z5Fp vRhsJJ _2lZ2l6\">How do you plan to use this property?<\/span><\/p>\n<div class=\"_1IaSjl emgdYA _1udEV5\"><select class=\"_18mj-v _30anQr _1udEV5 g2zh3L\" data-currency=\"Select\" id=\"nw-aria-ssr-6-6-1-1-4\" placeholder=\"Select your option\"><option value=\"\">Select your option<\/option><option selected value=\"primary\">Primary residence<\/option><option value=\"secondary\">Secondary residence<\/option><option value=\"investment\">Investment property<\/option><\/select><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\" class=\"_3qh7ju _2ulGkX\" fill=\"currentcolor\" focusable=\"false\"><path d=\"M5.942 8h12.116c.838 0 1.257 1.02.664 1.618l-6.056 6.104a.939.939 0 01-1.332 0L5.278 9.619C4.685 9.02 5.104 8 5.942 8z\"><\/path><\/svg><\/div>\n<p><\/label><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"_2w4PM3 _1TDqyw\"><button class=\"_3vZlz- _1egj3W IArdyX\" data-currency=\"Button\" type=\"button\"><\/p>\n<p><span class=\"_21EZtY _3VmbAf _8DgC29 _28z5Fp -Ibb7f\">Get Started<\/span><\/p>\n<p><\/button><\/p>\n<div class=\"PIqV0k _2HzeZ8 _28CJ7N\" style=\"width:200px\">\n<div style=\"width:200px\">\n<div class=\"_2vcpA4 _1jMsGa _3kfJwJ PIqV0k _2HzeZ8 _1TsDzX _2lZFUT _2molg9 sKjrZ8\" style=\"width:200px;gap:4px\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"16\" viewbox=\"0 0 16 16\" fill=\"none\"><path d=\"M8 0.666504L2 3.33317V7.33317C2 11.0332 4.56 14.4932 8 15.3332C11.44 14.4932 14 11.0332 14 7.33317V3.33317L8 0.666504ZM6.66667 11.3332L4 8.6665L4.94 7.7265L6.66667 9.4465L11.06 5.05317L12 5.99984L6.66667 11.3332Z\" fill=\"#006642\"><\/path><\/svg><span class=\"_2KctVY _28z5Fp\" style=\"font-size:11px;letter-spacing:0.055px\">Won\u2019t affect your credit score<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _2w4PM3 _1My7YX\" data-currency=\"Text\" id=\"could-economic-uncertainty-fuel-cash-out-refinances\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">Could economic uncertainty fuel cash-out refinances?<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Even if rates aren\u2019t significantly lower now for many borrowers, they&#8217;re not the only deciding factor for a refinance. For those who want to take advantage of equity gains, <\/span><span class=\"_28z5Fp _3-to_p\">cash-out refis<\/span><span class=\"_28z5Fp _3-to_p\"> offer a way to turn home equity into spending money without getting a second mortgage or dealing with the risks of a variable rate. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">As of the third quarter of 2024, the average homeowner had gained about $5,700 in equity year over year, according to data from CoreLogic. Homeowners in Northeastern coastal states saw average gains ranging from $18,000 to $43,000.  <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">The thing about debt is that a lot of it \u2014 namely credit card debt \u2014 is set at a variable rate. In January 2025, a report from the Consumer Financial Protection Bureau found that the most common reason for getting a cash-out refinance over the past decade was to \u201cpay off other bills or debts,\u201d with the average cash-out refinance borrower carrying about $13,000 in credit card debt and over $61,000 in home equity line of credit (HELOC) debt. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">As news stories about the Trump administration\u2019s policies reach a fever pitch throughout his first weeks in office, fears about the economy could prompt some homeowners to pay down debts with the most potential volatility. For homeowners who can net a lower interest rate by paying off debts with equity, the up-front costs of a cash-out refinance could be worth it. <\/span><\/p>\n<\/div>\n<div class=\"_3wlVa6 _2247K8\">\n<div>\n<div>\n<div class=\"_3wlVa6 _2247K8 _3eCw6n\">\n<div class=\"_3wlVa6 _2247K8\">\n<div>\n<div class=\"_2vcpA4 td77J8 PIqV0k _2lZbKL _32aq7f _1r_py0 _33JiRF _2F9T-X _1xbdug\" style=\"flex-direction:column\">\n<div class=\"_1TDqyw\">\n<p><span class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\">Explore mortgages today and get started on your homeownership goals<\/span><\/p>\n<p><span class=\"_21EZtY _2LuWPZ _3_uGsM _28z5Fp N36gAq\" data-currency=\"Text\">Get personalized rates. Your lender matches are just a few questions away.<\/span><\/p>\n<\/div>\n<div class=\"_2vcpA4 PIqV0k wnPEbn _2N11b- _1TDqyw\">\n<div class=\"_1TDqyw\">\n<div class=\"_2w4PM3\">\n<div data-currency=\"Columns\" class=\"_2DPHJa _2TtTbq _2HM5Cl _3UifXY\">\n<div data-currency=\"Column\" class=\"_12cv4d qVG6Ts\"><label class=\"_2lZ2l6\" for=\"nw-aria-ssr-6-9-1-1-3\"><span class=\"TS4Kq- _28z5Fp vRhsJJ _2lZ2l6\">What&#8217;s your property type?<\/span><\/p>\n<div class=\"_1IaSjl emgdYA _1udEV5\"><select class=\"_18mj-v _30anQr _1udEV5 g2zh3L\" data-currency=\"Select\" id=\"nw-aria-ssr-6-9-1-1-3\" placeholder=\"Select your option\"><option value=\"\" disabled>Select your option<\/option><option selected value=\"house\">Single family home<\/option><option value=\"townhome\">Townhouse<\/option><option value=\"condo\">Condo<\/option><option value=\"multi-family\">Multi-family home<\/option><\/select><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\" class=\"_3qh7ju _2ulGkX\" fill=\"currentcolor\" focusable=\"false\"><path d=\"M5.942 8h12.116c.838 0 1.257 1.02.664 1.618l-6.056 6.104a.939.939 0 01-1.332 0L5.278 9.619C4.685 9.02 5.104 8 5.942 8z\"><\/path><\/svg><\/div>\n<p><\/label><\/div>\n<div data-currency=\"Column\" class=\"_12cv4d qVG6Ts\"><label class=\"_2lZ2l6\" for=\"nw-aria-ssr-6-9-1-1-4\"><span class=\"TS4Kq- _28z5Fp vRhsJJ _2lZ2l6\">How do you plan to use this property?<\/span><\/p>\n<div class=\"_1IaSjl emgdYA _1udEV5\"><select class=\"_18mj-v _30anQr _1udEV5 g2zh3L\" data-currency=\"Select\" id=\"nw-aria-ssr-6-9-1-1-4\" placeholder=\"Select your option\"><option value=\"\">Select your option<\/option><option selected value=\"primary\">Primary residence<\/option><option value=\"secondary\">Secondary residence<\/option><option value=\"investment\">Investment property<\/option><\/select><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\" class=\"_3qh7ju _2ulGkX\" fill=\"currentcolor\" focusable=\"false\"><path d=\"M5.942 8h12.116c.838 0 1.257 1.02.664 1.618l-6.056 6.104a.939.939 0 01-1.332 0L5.278 9.619C4.685 9.02 5.104 8 5.942 8z\"><\/path><\/svg><\/div>\n<p><\/label><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"_2w4PM3 _1TDqyw\"><button class=\"_3vZlz- _1egj3W IArdyX\" data-currency=\"Button\" type=\"button\"><\/p>\n<p><span class=\"_21EZtY _3VmbAf _8DgC29 _28z5Fp -Ibb7f\">Get Started<\/span><\/p>\n<p><\/button><\/p>\n<div class=\"PIqV0k _2HzeZ8 _28CJ7N\" style=\"width:200px\">\n<div style=\"width:200px\">\n<div class=\"_2vcpA4 _1jMsGa _3kfJwJ PIqV0k _2HzeZ8 _1TsDzX _2lZFUT _2molg9 sKjrZ8\" style=\"width:200px;gap:4px\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"16\" viewbox=\"0 0 16 16\" fill=\"none\"><path d=\"M8 0.666504L2 3.33317V7.33317C2 11.0332 4.56 14.4932 8 15.3332C11.44 14.4932 14 11.0332 14 7.33317V3.33317L8 0.666504ZM6.66667 11.3332L4 8.6665L4.94 7.7265L6.66667 9.4465L11.06 5.05317L12 5.99984L6.66667 11.3332Z\" fill=\"#006642\"><\/path><\/svg><span class=\"_2KctVY _28z5Fp\" style=\"font-size:11px;letter-spacing:0.055px\">Won\u2019t affect your credit score<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.nerdwallet.com\/article\/mortgages\/weekly-mortgage-rates-2-6-25\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage interest rates have fallen to their lowest point since mid-December, and have remained under 7% for the third consecutive week. The average rate on a 30-year fixed-rate mortgage fell 11 basis points to 6.81% the week ending Feb. 6, according to rates provided to SS by Zillow. A basis point is one one-hundredth of<\/p>\n","protected":false},"author":1,"featured_media":9941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[195],"tags":[417,261,789,125,3966,62],"class_list":{"0":"post-9940","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-mortgage","9":"tag-rates","10":"tag-refinances","11":"tag-rise","12":"tag-trickle","13":"tag-weekly"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/9940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9940"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/9940\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/9941"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}