Mortgage rates plunge to lowest level in more than a year

US mortgage rates dropped significantly this week due to weaker-than-expected employment data, which increased the likelihood of an interest rate cut by the Federal Reserve. The average 30-year fixed-rate mortgage fell from last week’s average and reached the lowest level since May 2023. Mortgage rates have been steadily declining since early May and are now lower than they were at the end of last year. The decrease in rates has sparked interest among prospective homebuyers and has led to a rise in mortgage refinancing. Lower mortgage rates are expected to provide some relief to the unaffordable housing market in the US.