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 Elite Hedge Fund's GameStop Bet Nets Millions Amid Meme Stock 400% Surge READ MORE Asahi vault 30 miles outside NYC added to COMEX approved vault list READ MORE A Special Invitation: Join Me at the Limitless Expo READ MORE CNBC's February Inflation Breakdown READ MORE Gold Nears Record High as Inflation Report Boosts Rate Cut Odds READ MORE Add a Comment Cancel replyYour email address will not be published.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