Mortgage rates plummet, sparking a surge of refinances

U.S. homeowners rushed to refinance their mortgages over the past week as mortgage rates fell to their lowest level in three months.

The 30-year fixed-rate mortgage fell to the lowest level since December 2024 at the end of February, prompting many homeowners to refinance their home loans, according to a weekly report by the Mortgage Bankers Association, a trade industry group. The plunge in rates even bumped up home-buying demand slightly..