Mortgage rates fell for the eighth straight week, stoking another surge in refinancing as homebuyers race to refinance𝔉 high-rate mortgage loans.

The 30-year, fixed-rate mortgage declined to 6.13% in the week ending Sept. 20, its lowest rate in two years. The decline in borrowing꧑ costs drove up demand for mortgages, with application volume for home loans increasing by 11% compared to the prior week, Mortgage Brokers Association (MBA) data sho🦄wed. 

Consumers also found good rates with government-backed loans, with rates for 澳洲幸运5官🐻方开奖结果体彩网:Federal Housing Administration 😼(FHA) loans dropping below 6%. 

“As a result of lower rates, week-over-week gains for both conventional and government refinance applications increased𓃲 sharply,” said Joel Kan, MBA vice president and deputy chief economist.

ಌ Refinancing Surges As 🦩People Seek Interest Rate Relief

The data showed 澳洲幸运5官方开奖结果体彩网:refinancing activity&🌠nbsp;surged again. Applications for refinancing increased by 20% compared with the prior week. Compared with a year💖 ago, when the 30-year mortgage was around 7.5%, refinancing levels were higher by 175%. 

“The refinance share of applications is now at 55.7%, a♎nd while the level of re𒊎finance activity is still modest compared to prior refi waves, they now account for the majority of applications, given the seasonal slowdown in purchase activity,” Kan said. 

Home purchase activity was only slightly higher than the previous week, with the average loan size for home purcha🏅ses at $447,700.