According to Jinshi, driven by expectations of an upcoming interest rate cut by the Federal Reserve, U.S. mortgage rates fell last week to their lowest level since September 2022, triggering a large number of home purchase and refinancing mortgage applications.
Data from the Mortgage Bankers Association (MBA) showed that the contract interest rate on a 30-year fixed-rate mortgage fell 14 basis points to 6.15% in the week ending September 13, marking the seventh consecutive week of decline, the longest streak since 2018-2019.
The average contract rate on a 15-year mortgage fell 29 basis points to 5.42%, the lowest level in two years. The rate on an adjustable-rate mortgage fell to 5.66%.
