US mortgage rates fell to their lowest level since April 2023, leading to a slight increase in home purchase applications, despite ongoing affordability challenges.
The 30-year fixed mortgage rate decreased to 6.44%, the longest period of decline this year, signaling potential changes in the housing market.
Treasury yields are falling amid expectations that the Federal Reserve may cut interest rates in September, further influencing the mortgage market.
The MBA survey reflects over 75% of US retail residential mortgage applications, indicating ongoing trends in buyer behavior and market conditions.
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