Mortgage Rates See Largest Weekly Drop Since July as Home Buyers Get Relief
- 30-year mortgage rate fell by a quarter point last week, the largest weekly drop since July 2022
- Drop attributed to Treasury issuance update, Fed's dovish tone, and slower job market data
- Mortgage rates pulled back from 20-year highs reached in October
- Purchase applications rose 3% but remain 20% below year ago levels
- Tight inventory as sellers locked into lower rates hold onto homes