US Mortgage Rates Drop to 6.15%, Applications Surge 14.2%

Sep 18, 2024, 11:03 AM

Mortgage rates in the United States have dropped to their lowest level in over a year and a half, with the 30-year MBA mortgage rate falling to 6.15% from the previous 6.29%. This decline, with rates sitting at 6.11%, has led to a significant surge in mortgage applications, which increased by 14.2% for the week ending September 13, 2024, compared to a modest 1.4% rise the previous week. The Mortgage Bankers Association (MBA) also reported that the MBA Purchase Index rose to 146.1 from 138.6, and the Mortgage Market Index reached 266.8 from 233.7. The Mortgage Refinance Index also saw a notable increase to 941.4. The drop in rates, now at a two-year low, is largely attributed to anticipation of interest rate cuts by the Federal Reserve.