US Refinance Demand Surges 111 Percent Annually as Mortgage Rates Continue Falling

Economists expect more room for lower interest rates as the Federal Reserve eases policy.

A 'For Sale' sign on a house in Monterey Park, Calif., on Sept. 17, 2025. Frederic J. Brown / AFP

U.S. homeowners are rushing to contact their mortgage lenders as interest rates declined for the fourth consecutive week, according to new Mortgage Bankers Association data released on Oct. 29.

For the week ended Oct. 24, the average contract interest rate on 30-year fixed-rate mortgages fell to a one-year low of 6.3 percent, from 6.37 percent in the previous week.