Overview

• Mortgage refinancing applications increased by 35% in the past week, reaching the highest level since May 2022.
• The average 30-year fixed mortgage rate dropped to 6.54%, with the 15-year rate falling below 6%.
• Nearly half of all mortgage applications last week were for refinancing, up from 42% the previous week.
• The Federal Reserve is expected to cut interest rates in September, further influencing mortgage rates.
• Economic indicators, including cooling inflation, are contributing to the decline in borrowing costs.