Mortgage Rates Drop to Lowest Level in 2 Months As Economy Cools
- Average 30-year fixed mortgage rate fell to 7.41%, lowest level in 2 months
- Declines driven by falling Treasury yields and cooling inflation/economy
- Mortgage rates have dropped 45 basis points over past 2 weeks
- Dip in rates led to increase in mortgage applications and home purchase index
- Purchase applications still below typical levels as buyers remain cautious