United States mortgage rates drop to lowest since 2022, stimulating increased refinancing activity.

Mortgage rates in the United States fell slightly last week to the lowest level since 2022, prompting an increase in refinancing activity. According to data released by the Mortgage Bankers Association on Wednesday, the contract rate for 30-year mortgages dropped 8 basis points to 6.09% in the week ending February 20. The rate for adjustable-rate mortgages with rates locked for the first five years fell to 5.23%, the lowest level since September 2022. An index measuring refinancing activity rose by over 4%, reaching the second highest level in five months. According to MBA data, refinancing activity has increased at all times this year except for two weeks.