If you’ve been considering refinancing your home, now could be the perfect time to make your move. Recent rate cuts in September have created a surge in refinance activity, and many homeowners are jumping at the chance to lower their monthly mortgage payments. Here’s a closer look at what’s driving this trend and why refinancing might make sense for you.
Rates Are Dropping
One of the biggest motivators behind the surge in refinancing is the recent drop in mortgage rates. In September, the interest rate for a 30-year conforming loan fell by 23 basis points, making it the largest decrease in rates since January 2022. Homeowners with jumbo, FHA, and VA loans also saw rates drop by 22, 25, and 16 basis points respectively.
Lower rates can translate into significant monthly savings, especially for those who locked in higher rates in previous years. If you’re considering a refinance, it could help you reduce your monthly payment and free up cash for other priorities.
Refinancing Activity Is Surging
According to a report by Optimal Blue, a provider of mortgage analytics, refinancing activity skyrocketed in September. Rate-and-term refinance lock volume jumped by nearly 50% compared to the previous month and a staggering 700% compared to the same time last year.
This surge in refinancing is driven by homeowners taking advantage of the rate drop. If you’re thinking about refinancing, you’re not alone—more and more people are seeing this as an opportunity to save.
Market Trends Are Shifting
While refinance activity is climbing, home purchasing has remained relatively flat. But with interest rates on the decline, there are signs that the tide could be turning. Experts suggest that these changes may help reinvigorate both refinancing and home buying in the coming months.
Loan Types and Market Share
Not only are rates dropping, but market trends are shifting as well. Conventional loan production increased slightly, accounting for over 54% of the market, while VA loans also saw a small uptick. Interestingly, while FHA loans decreased by about 1%, they still represent a significant portion of the market at nearly 19%. These changes in loan production highlight a shift in consumer preferences and may signal a broader trend toward more flexible financing options.
Home Prices and Loan Amounts Are Increasing
If you’re thinking of refinancing, you might also be curious about the current state of home values. Between August and September, the average loan size increased by over $11,000, rising from $372,400 to $383,700. At the same time, average home prices, which had been declining for a couple of months, also ticked back up by $10,000, bringing the average to $475,800.
This increase in home values could present an opportunity for homeowners to tap into their equity through a cash-out refinance or simply benefit from better terms on a new loan.
Is Now the Time to Refinance?
If you’re looking to lower your monthly mortgage payment or take advantage of your home’s increased value, refinancing could be a smart financial move. With interest rates trending down and many homeowners locking in better rates, there’s no better time to explore your options.
Contact a Jet Direct Mortgage loan professional to see how much you could save by refinancing your home loan. Whether it’s reducing your monthly payments or leveraging your home equity, this could be your opportunity to make a positive financial change.
Disclaimer: All figures and data are based on reports and are subject to change. Consult a mortgage professional to determine your eligibility and potential savings.

Experienced Chief Operating Officer with a 26 + year demonstrated history of working in the banking industry. Skilled in all aspects of the residential mortgage market . Strong business development professional with a Bachelor of Science (BS) focused in Business Administration and Management, from St. Joseph College. A direct endorsement underwriter and a licensed Mortgage Loan Originator.