U.S. homeowners are rushing to contact their mortgage lenders as interest rates declined for the fourth consecutive week, according to new Mortgage Bankers Association data released on Oct. 29.
For the week ended Oct. 24, the average contract interest rate on 30-year fixed-rate mortgages fell to a one-year low of 6.3 percent, from 6.37 percent in the previous week.
Thirty-year mortgage rates have been steadily falling since reaching 7.09 percent in early January.
Average rates for 15-year fixed-rate mortgages also decreased to 5.67 percent from 5.74 percent.
The trend has sparked a surge in refinance demand in recent weeks, with activity rising 9 percent over the past week. In addition, refinance applications have soared 111 percent from a year ago….