Reported 8 months ago
US mortgage rates fell below 7% for the first time since March, leading to an increase in home purchase financing applications. The contract rate on a 30-year fixed mortgage dropped to 6.94% while the five-year adjustable-rate mortgage hit 6.27%, the lowest level since February. The decrease in rates was attributed to the decline in Treasury yields, signaling a possible interest-rate cut by the Federal Reserve in the near future. Builders are offering incentives like discounted mortgage rates to support homebuyers amidst high list prices.
Source: YAHOO