Overview

• Freddie Mac reports the 30-year fixed rate averaged 6.35% for the week ending Sept. 11, the largest weekly decline this year after a long stretch near 7%.
• Mortgage Bankers Association data show total applications rose 9.2% week over week, with purchase and refinance activity up and purchase applications more than 20% above last year.
• Affordability remains strained as prices keep climbing, with the median existing-home price at $422,400 in July after 25 consecutive year-over-year gains, according to the National Association of Realtors.
• Redfin’s latest read shows a cautious recovery: total inventory up 11.3% and new listings up 1.1% year over year, pending sales up just 1.6%, and many buyers waiting for rates to fall below roughly 6%.
• Experts link the rate drop to lower 10-year Treasury yields on expected Fed easing, though CPI near 2.9% and potential FOMC guidance shifts could temper further declines.