Refinance Rush: Why 47% of Homeowners Are Making Their Move Now

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News Flash

Homeowners Are Finally Getting Their Relief from High Mortgage Rates

Refinance applications just hit 47% of total mortgage activity in the first week of September — the highest level since October 2024.

After sitting on the sidelines for months, homeowners are pouncing on a seven-week slide in mortgage rates. The 30-year fixed mortgage average is now hovering around 6.5% — an 11-month low that's got everyone dusting off those refinance calculators.

What sparked this sudden rate relief? Softer economic data, including a notable drop in job openings, sent investors scrambling for the safety of long-term Treasuries. When Treasury yields fall, mortgage rates typically follow.

The numbers paint quite the picture:

• Rates have dropped from around 8% in late 2023 to the current mid-6% range

• Median home prices sit at approximately $439,450

• Nearly half of all mortgage activity is now refinancing

This refinancing boom isn't just about lower monthly payments. Homeowners who delayed refinancing during the rate spike are now capitalizing on the opportunity to tap into home equity and free up disposable income.

The broader housing market impact? When homeowners save money on mortgage payments, that extra cash tends to find its way back into the economy. Something to watch as this refinancing wave continues to build momentum.

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More You Should Know

• Mortgage Rates Hit 11-Month Low: Driven by growing market anticipation of a Federal Reserve rate cut at its upcoming September meeting, 30-year fixed-rate mortgage rates have fallen to an 11-month low of 6.50%. [Source]

• PropTech's Future is Now: PropTech is expected to expand significantly in 2025 due to AI, IoT smart home automation, and blockchain, according to experts at PropTech Connect. [Source]

• Housing Market Slowdown Persists: In late August 2025, the housing market experienced a notable slowdown, with new home listings showing the lowest annual growth rate since April, as sellers remained hesitant to list properties amid a sluggish market. [Source]

• CRE Shows Mixed Resilience: The U.S. commercial real estate market in 2025 is sharply divided, with strong industrial and logistics sectors outperforming struggling office and urban hospitality, influenced by hybrid work and reshoring initiatives. [Source]

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