Mortgage rates have dropped for four weeks in a row, reaching their lowest level since September 2024, according to CNBC . The average 30-year fixed mortgage rate now stands at 6.30 percent, down from 6.37 percent the previous week. This decline has sparked a surge in refinancing activity, with applications jumping 111 percent compared to last year.

People who refinanced borrowed an average of $393,900, showing that homeowners with larger loans are trying to save money. The Mortgage Bankers Association reports that total mortgage applications increased by 7.1 percent in one week. Home purchase applications also rose 5 percent and were 20 percent higher than the same period last year, as noted by CNBC.

Federal Reserve decision creates uncertainty

The Federal Reserve is expe

See Full Page