"A lot of these rate cuts are already priced in," says Chen Zhao. Mortgage rates are influenced by the Fed's policies but also hinge on Treasury yields and economic indicators.
"It's almost impossible to figure out what mortgage rates are going to do from week to week or month to month," states Jeff Ostrowski. Homeowners need careful timing.
The average 30-year fixed rate mortgage has decreased to 6.20%, down from a peak of 7.22%. This drop is nudged by favorable economic data."
Refinance activity rose to 46.7% of total applications, indicating growing interest as rates decrease. However, the current wave is minor compared to previous years.
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