Reported 28 days ago
U.S. mortgage rates have significantly declined, with the average 30-year fixed rate dropping to 6.23%, the lowest since February last year. This decrease is part of a bond-market rally in anticipation of the Federal Reserve's upcoming interest rate cuts. The Mortgage Bankers Association reported increased mortgage applications, especially for refinancing, despite many homeowners holding lower rates, highlighting the ongoing struggle in the housing market due to high construction costs and dwindling new home sales.
Source: YAHOO