After months of rising mortgage rates, it looks like aspiring U.S. homeowners may finally have their dreams back in reach.
The average 30-year fixed-rate mortgage reportedly dropped to 7.61% from 7.86% last week, its biggest one-week drop in a year.
As a result, mortgage application volume increased by 2.5% week-over-week, the largest demand seen in a month.
With the Fed expected to maintain interest rates at a steady level, potential U.S. homebuyers may just be home free from 2023’s record high mortgage rates.
