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 The Looming Crisis in America's Office Real Estate Market READ MORE Gold Rallies on Mixed US Employment Report, Fed Rate Cut Hopes Grow READ MORE Survey Shows U.S. Tech Stocks Perceived as New Inflation Hedge READ MORE Why Gold & Silver Prices Could Skyrocket in an AI World – Tavi Costa & Alan Hibbard READ MORE China's Gold Demand Rises: Central Bank Buys as Lunar New Year Approaches READ MORE Add a Comment Cancel replyYour email address will not be published.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