US Mortgage Rates Drop to Lowest Level Since April 2023

According to Odaily, mortgage rates in the United States fell to their lowest level since April 2023 last week, leading to a slight increase in home purchase applications. Data revealed that the contract rate for 30-year fixed-rate mortgages declined for the fourth consecutive week, reaching 6.44%, marking the longest decline this year. This drop provided a modest boost to home purchase applications for the week ending August 23, following a significant decline in previous periods. Mortgage rates tend to move in tandem with Treasury yields, which have recently decreased due to expectations that the Federal Reserve will begin cutting interest rates in September. The minutes from the Federal Reserve's July meeting, released last week, indicated that