Breaking News: Mortgage Demand Soars as Rates Plummet to 6.35%
Mortgage rates have dropped to their lowest level since October 2024, averaging 6.35% for a 30-year fixed-rate mortgage, according to Freddie Mac.
The sudden drop in interest rates has sparked a surge in mortgage applications, with purchase and refinance applications both increasing on a weekly and annual basis.
This significant shift is attributed to the lowest average rate since last October, after months of rates above 6.5. The Mortgage Bankers Association reports that refinances made up nearly half of all applications.
The impact is being felt across the market, with homebuyers taking advantage of the lower rates. "Mortgage rates are headed in the right direction and homebuyers have noticed," said Sam Khater, Freddie Mac's chief economist.
As a result, mortgage demand has skyrocketed, with purchase applications reaching their highest year-over-year growth rate in over four years.
This is a developing story, with ongoing updates expected as more information becomes available.
*This is a developing story. Updates will be provided as more information becomes available. Based on reporting from Npr.*
