Reported about 1 month ago
The average rate for a 30-year fixed-rate mortgage in the US fell to 6.44%, marking the lowest point in 16 months, following indications from Federal Reserve Chair Jerome Powell of potential cuts to borrowing costs. This decline, reflecting a 38 basis point drop over four weeks, has encouraged refinancing applications as homeowners seek lower monthly payments. Meanwhile, total mortgage and purchase applications have seen modest increases as buyers await further rate reductions.
Source: YAHOO