Mortgage Rates Hit 15-Month Low, Sparking Refinancing Surge

With 30-year mortgage rates averaging 6.47%, homeowners are rushing to refinance and experts predict further rate cuts.

Mortgage rates have dropped to their lowest point in over a year, now averaging 6.47% for a 30-year fixed-rate mortgage.
Refinance applications have surged, with a 16% increase in the past week alone.
Experts suggest waiting until rates are at least 1% lower than current mortgage rates to refinance.
The Federal Reserve is expected to cut interest rates further, potentially lowering mortgage rates more.
Home prices are likely to rise as lower mortgage rates attract more buyers.