With mortgage rates at their lowest since September and still showing some signs of decline, more Americans are looking to refinance.
A CNBC report found that applications to refinance mortgages had jumped 18 percent from week to week. Lowering interest rates have also cleared a path for some Americans who were holding out from applying amid the higher rates.
Week-over-week, home buying applications jumped 3 percent but were still down 37 percent from the same time last year.
"Purchase activity that was put on hold last year due to the quick run-up in rates is gradually coming back as rates ease and housing demand remains strong, driven by supportive demographics and the ongoing strength in the job market," Joel Kan, an MBA economist, told CNBC.
Loans sizes are also on the rise, increasing to $428,500, which is the largest hike since May.
While refi and home buying applications are rising, a large majority of Americans are still waiting until the economy gets stronger. In a survey from FlyHomes, 78 percent of respondents say they have either slowed or stopped their home search altogether.
"The survey findings reinforce just how damaging the rise in interest rates has been on the buyer psyche and how much education and product innovation the mortgage industry needs to do," Dan Richards, EVP of Flyhomes Mortgage, said in a statement. "Learning that two-thirds of reluctant buyers would purchase now with a product that allowed them to refinance later without paying closing costs signals a major gap in the marketplace."
The survey also found that nearly half of respondents lacked knowledge about how the refinancing process actually works.
BiggerPockets Money podcast is now available on Cheddar Wednesdays at 10am ET! Mindy Jensen shares how her podcast is helping people gain financial freedom.
The social video platform's future remains in doubt, as players scramble to profit from the chaos. Plus: Big oil gets bigger, DOGE downsizes, and tariffs!
Ty Young, CEO of Ty J. Young Wealth Management, joins Cheddar to discuss Trump's moves as he returns to Washington D.C. and how it may affect the U.S. economy.
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
Chris Ruder, Spikeball Founder and CEO, explains how he and his friends put roundnet on the global map, plus, how Spikeball helps people "find their circle."
J.W. Roth, CEO of Venu Holding Corporation, discusses the company's IPO and plans to redefine live music entertainment with their fan founded, fan-owned model.
