"Heading into the fall last year, the average 30-year fixed mortgage rate slipped to a low of 6.07% by September 17, 2024 as the market reacted to weaker than expected labor market data. At that point, there was a noticeable upswing in refinances as some 2022-2024 borrowers took the opportunity to get payment relief. However, it was short-lived and quickly fizzled out once labor market data tightened a bit and mortgage rates popped back up."
"Fast-forward to September 2025, and we're once again seeing a mini "refi boomlet." Similar to early last fall, the average 30-year fixed mortgage rate has fallen a bit heading into September-with the average 30-year fixed mortgage rate hitting a calendar year low of 6.26% last week, according to Freddie Mac's weekly reading. With the average 30-year fixed mortgage rate sitting well below 2025's calendar-year high of 7.04%, some recent borrowers are taking the opportunity to refinance and gain some payment relief."
"If you look closely at the chart above, you'll notice that last year's peak weekly reading for the Mortgage Refinance Index (1,133 on the week ending September 21, 2024) is well below the reading we just saw for the week ending September 12, 2025-even though mortgage rates last September dipped slightly lower than they did this September. The reason this September's refi boomlet is likely bigger than last year's"
Late‑summer 2024 mortgage rates fell to about 6.07%, prompting a brief uptick in refinances from 2022–2024 borrowers seeking payment relief, but the surge ended after labor data tightened and rates rose. In September 2025 rates dipped to a calendar-year low near 6.26%, producing another refinance uptick with the Mortgage Refinance Index at 1,597 for the week ending September 12, 2025. That weekly reading exceeds comparable late‑September 2024 levels and reflects borrowers who delayed refinancing last year and now act to secure lower payments amid the lower rate environment.
Read at Fast Company
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