Mortgage Rates Just Hit 5.87%, Their Lowest Level Since 2022, and Refinancing Applications Have Surged 117% as the Biggest Refi Wave Since the Pandemic Takes Shape
The 30-year mortgage rate has fallen to 5.87%, its lowest since early 2022, driving a 117% year-over-year surge in refinancing applications as millions of homeowners locked into rates above 7% race to lower their payments.