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Mortgage refinances surged again, but rates are now suddenly jumping higher
Mortgage refinancing jumped sharply higher for the second straight week, as interest rates fell further, but that boom may be about to bust. Interest rates are now moving much higher.
Last week, applications to refinance a home loan rose 20% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications were 183% higher than the same week one year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, decreased to 6.16% from 6.18%, with points falling to 0.54 from 0.56, including the origination fee, for loans with a 20% down payment. That is the lowest rate since September 2024.
Homebuyers now have a Greenland problem: Mortgage rates jump on geopolitical, tariff turmoil
Just days after mortgage rates hit a three-year low, sparking a near-instant surge in applications, fresh trade tensions are threatening to undo that progress.
Rates on a 30-year mortgage jumped 14 basis points to an average of 6.21% on Tuesday morning, according to Mortgage News Daily, following new escalations in the standoff between President Trump and European leaders over the future of Greenland.
After being repeatedly rebuffed in efforts to take control of the Danish territory, Trump threatened to impose punitive 10% tariffs on eight European nations starting Feb. 1, and eventually ratchet the tariffs up to 25%. European leaders are now weighing their response.
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