Overview

• 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.