US Mortgage Rates Tumble to 6.55% in Biggest Drop in Two Years
- 30-year rate slides 27 basis points to lowest since May 2023
- Drop spurs pickup in applications to refinance, buy a home
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US 30-year mortgage rates plunged last week by the most in two years, reaching their lowest level since May 2023 and sparking a surge in refinancing applications.
The contract rate on a 30-year fixed mortgage declined 27 basis points to 6.55% in the week ended Aug. 2, according to Mortgage Bankers Association data released Wednesday. The rate on a five-year adjustable mortgage plummeted 31 basis points to 5.91%, the lowest this year.