Connecticut mortgage refinancing applications surge 200% YoY due to lower interest rates.

Mortgage refinancing applications in Connecticut have surged, reaching their highest level since August 2022, with a 200% increase from last year. This rise is driven by lower interest rates, with the average mortgage rate now below 6%. The average loan balance also rose by $50,000 between August 2023 and August 2024, indicating a strong real estate market. Experts anticipate further growth in refinancing activity as more homeowners seek better rates.

October 12, 2024
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