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2025-10-29 19:12:24
[US Mortgage Rates Fall to One-Year Low, Stimulating Demand Recovery] ⑴ Data from the Mortgage Bankers Association (MBA) shows that the average contracted interest rate for a 30-year fixed-rate mortgage fell to 6.3% in the week ending October 24, down from 6.37% previously. ⑵ Mortgage rates have fallen for four consecutive weeks, reaching their lowest level since September 2024. ⑶ The decline in rates was mainly due to the continued drop in Treasury yields, and a weaker-than-expected Consumer Price Index report reinforced market expectations for further rate cuts by the Federal Reserve this year. ⑷ The association's vice president stated that the decline in rates drove a second consecutive week of growth in refinancing activity, primarily driven by traditional refinancing applications. ⑸ Mortgage applications surged by 9.3%, with home purchase applications increasing by 4.5% and refinancing applications surging by 9.3%.
