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Borrowers rush to get the last of the low mortgage rates, with refinances jumping 18%

Dated: February 2 2022

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Mortgage rates continued to surge higher last week, and that brought borrowers out of the woodwork, looking to refinance.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 3.78% from 3.72%, with points decreasing to 0.41 from 0.43 (including the origination fee) for loans with a 20% down payment, according to the Mortgage Bankers Association. That was the highest rate since March 2020. One year ago, the rate was 86 basis points lower.

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Jose Gregorio Sabino

José Gregorio is an agent committed to his work who will provide a personalized and dedicated treatment to satisfy your needs, backed and supported by the great team of experts at InvesTeam Rea....

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