US Mortgage Rates Hit Lowest Since April in Boost to Refinancing

US mortgage rates dropped last week to the lowest level since early April, helping spark a pickup in home-refinance applications.

The contract rate on a 30-year mortgage declined 9 basis points to 6.79% in the week ended June 27, according to Mortgage Bankers Association data released Wednesday. The rate on 15-year mortgages slid to 6.06%, marking the fourth straight decline.