Mortgage rates have now declined for six consecutive weeks, pushing loan application volume up 1.4% as of September 6, marking an overall positive trend in the market.
The average 30-year fixed-rate conforming mortgage dropped to 6.29%, reflecting a significant shift in borrowing conditions and encouraging some homeowners to consider refinancing.
Despite the increase in refinance applications due to lower rates, 76.1% of homeowners retain mortgages below 5%, indicating limited expansion in the refinance market.
With inflation dropping to a three-year low of 2.5% in August, the market anticipates the Federal Reserve's first interest rate cut, signaling potential further rate decline.
[
Collection
]
[
|
...
]