Mortgage Rates Drop to 6-Month Low as Fed Signals Rate Cuts Ahead
• 30-year fixed mortgage rate dropped to 6.83% last week, lowest since June • Comes as Fed signals it is done raising rates and will start cutting them in 2023 • Rate has not been below 7% since late July, recently reached 8% in October • Decline follows sharp drop in 10-year Treasury yield after Fed's dovish remarks • Refinance and purchase applications fell slightly last week despite rate drop