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 Asahi vault 30 miles outside NYC added to COMEX approved vault list READ MORE Stocks Rise; Key Economic Updates and Corporate Earnings on the Horizon READ MORE ECB Hints at Future Rate Cuts, Distances Policy from U.S. Federal Reserve READ MORE VP Harris Pledges No Fracking Ban, Emphasizes Clean Energy Progress READ MORE Gold Futures Fall as Easing Geopolitical Strains Diminish Safe-Haven Appeal READ MORE Add a Comment Cancel replyYour email address will not be published.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