Egg Price Takes Dip: What Shoppers Can Hope Next
A recent visit to the grocery store has brought a pleasant surprise to shoppers. It’s a huge drop in egg prices.
Scripps News Morning Rush
Americans are securing the opportunity to refinance their mortgage.
Refinance applications rose 7% in the week ending June 27th. The Mortgage Banking Association, an industry group, announced it on July 2nd. Mortgage fees have fallen to their lowest since April that week.
The refinance application was 40% higher than a year ago. In contrast, the purchase mortgage application was unchanged.
The big jump in the amount of refinance application is somewhat surprising given the small movements in the rate.
“Despite a slight decline, mortgage rates continue to hover at the same 6%-7% range seen over the past year,” Zillow’s senior economist Kara Ng pointed out in a post-release statement. “In this range, fees remain in this range, reflecting competing economic signals. Signs of a gradually cooled economy claim lower rates, while sustained inflation supports upward pressures.”
“Homeowners are looking for opportunities to save on housing costs, and even a small savings can make a difference given the total cost of a home,” said Dan Richards, president of Flyhomes Mortgage, in an email exchange with USA Today.
“That’s part of what’s driving the recent increase in refinancing,” Richards continued. “Many people who have bought over the last few years have been waiting for mortgage rates to fall below Refi from its ‘magic’ 6% mark, but another year has passed and it is becoming clear that rates in the 6-7% range are new normal. ”
Many economists, including Zillow’s NG, expect little travel from here, with mortgage futures traders expecting a 30-year fixed-rate mortgage to average around 6.7% in November.
