Reported 2 months ago
US 30-year mortgage rates dropped significantly last week, reaching 6.55%, the lowest since May 2023, prompting a 16% increase in refinancing applications. This marks a potential turning point for the housing market, according to experts, as overall mortgage applications rose 6.9%. The decline in rates was influenced by falling Treasury yields and may lead to a recovery in home transactions despite ongoing challenges with rising home prices.
Source: YAHOO