Mortgage Rate Decline Prompts Spike in Refinancing Applications Last week, US 30-year mortgage rates dropped significantly, hitting their lowest point since May 2023, which led to a surge in refinancing applications. The 30-year fixed mortgage rate fell by 27 basis points to 6.55%, while the rate on a five-year adjustable mortgage dropped by 31 basis points to 5.91%. This decline spurred a nearly 16% increase in the refinancing index, reaching a two-year high. Mortgage applications for home purchases also rose by 0.8%. Economists believe this drop in rates could signal a modest recovery in the housing market, assuming recession fears do not materialize. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts In Gold We Trust, Own Silver We Must READ MORE Jeffrey Christian: No Significant Shift Away from the US Dollar READ MORE Gold Surges as Weak US Jobs Data Fuels Rate Cut Expectations READ MORE Potential Shift in Fed's Interest Rate Committee Dynamics in 2024 READ MORE Oil Prices Climb as Middle East Tensions Escalate Before OPEC+ Meeting READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment