Mortgage Rates Drop to Lowest Level Since August, Spurring Increase in Refinancing

Despite the uptick, overall refinance activity remains low compared to historical standards.

Mortgage rates have fallen to their lowest level since August, with the average rate on a 30-year loan dropping to 7.17%.
The drop in mortgage rates has led to an increase in both home-purchase applications and refinancing activity.
Mortgage refinancing rose 14% last week from the week before, hitting its highest point since early October.
Despite the increase in activity, the overall level of refinance applications remains low compared to historical standards.
The drop in rates is attributed to slower inflation and financial markets anticipating the end of the Federal Reserve's rate-hiking cycle.