"Surging Mortgage Demand Driven by Falling Interest Rates"

Mortgage demand surged over 10% as lower interest rates enticed both homebuyers and homeowners looking to refinance, with the average contract interest rate for 30-year fixed-rate mortgages dropping to 6.75%. Applications for home purchases rose 9% from the previous week, while refinance applications increased by 11%. The drop in rates has prompted prospective buyers like Nakita Bell to consider purchasing a home, while also providing an opportunity for current homeowners to save money through refinancing.