Refinancing Activity Plummets as Mortgage Rates Hit 9-Month High

‘Many borrowers understandably backed away from refinancing last week,’ says the Mortgage Bankers Association deputy chief economist.

A "for sale" sign in Elkridge, Md., on Sept. 27, 2024. Madalina Vasiliu/The Epoch Times

Refinancing activity in the U.S. housing market plummeted last week as mortgage rates hit their highest level in nine months, new industry data released on May 27 show.

Refinancing decreased by 18 percent for the week ending on May 22 and is up by 19 percent from the same time a year ago, according to the Mortgage Bankers Association.