The U.S. mortgage market experienced significant activity last week as interest rates declined to a one-year low, according to new industry data.
For the week ending Sept. 12, the average 30-year fixed rate mortgage decreased by 10 basis points to 6.39 percent—the lowest level since October 2024—the Mortgage Bankers Association said on Sept. 17.
The sharp drop in interest rates has stimulated mortgage demand, particularly for refinancing.
Applications to refinance a home loan soared by 58 percent from the previous week. They were also 70 percent higher than the same time last year. The refinance share of mortgage activity climbed to 60 percent of total applications, up from 49 percent in the previous week….
Mortgage Refinance Applications Soar Amid Falling Interest Rates
