Mortgage Rates See Biggest Drop Since July

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates for 30-year fixed-rate mortgages with conforming loan balances saw their biggest week-over-week decline in months last week. Rates for 15-year fixed-rate loans and 5/1 ARMs also fell, while rates for jumbo and FHA loans were relatively flat from the week before. Joel Kan, MBA’s vice president and deputy chief economist, says the decline was the result of inflation slowing. “Mortgage rates decreased last week as signs of slower inflation pushed Treasury yields lower,” Kan said. “The 30-year fixed rate saw the largest single-week decline since July 2022.” Declining rates helped spur a 4 percent increase in the number of prospective home buyers applying for loans to buy homes. Refinance activity, however, was down from the week before and remains significantly lower than last year at the same time. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)

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