US Mortgage Rates Fall to 2024 Levels, Fueling Refinancing Surge
A sustained decline in mortgage rates could help rekindle buyer demand and encourage more Americans to list their homes for sale.
Photographer: Zak Bennett/BloombergUS mortgage rates fell last week to the lowest level in nearly a year, spurring a surge of refinancing.
The contract rate on a 30-year mortgage fell 10 basis points to 6.39% in the week ended Sept. 12, according to Mortgage Bankers Association data released Wednesday. The group’s measure of refinancing jumped to the highest level since early 2022, and the index of home-purchase applications also moved higher.