The rate slid 25 basis points to 7.61%, the lowest level since the end of September, according to the Mortgage Bankers Association.
A for sale sign stands outside a single-family home on the market on Friday, Oct. 27, 2023, in Denver. On Thursday, Freddie Mac reports on this week’s average U.S. mortgage rates. The average 30-year mortgage rate plunged last week by the most in more than a year, helping generate the biggest advance in home purchase applications since early June.
The second-straight weekly decline in mortgage rates is the first since mid-June and offers modest relief for a struggling housing market. Still, mortgage rates remain uncomfortably high and are discouraging many homeowners who have locked in rates at much lower levels from moving. That’s put pressure on supply and kept prices elevated.
The Federal Reserve’s decision last week to hold interest rates steady for a second straight meeting is offering some hope for the housing sector. While policymakers reaffirmed they will keep borrowing costs elevated in the near term, real estate stocks rallied last week on speculation the central bank could be nearing the end of its tightening cycle.
The MBA’s overall index of applications, which includes purchasing and refinancing, rose 2.5% last week from the lowest level since 1995. Refinancing activity also edged up.
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