Mortgage Rates Drop, Sparking 10.4% Surge in Applications and Homebuyer Interest
- Mortgage application volume increased 10.4% over the past week as rates fell across the board
- Purchase index rose 9.2%; refinance index rose 10.8%
- 30-year fixed mortgage rate averaged 6.75% for lower priced homes, down from 6.81%
- Rate drop should boost housing demand from buyers and homeowners able to refinance
- If rates keep falling, home purchases may pick up over coming months