FX.co ★ US Mortgage Rates Fall to 4-Week Low: MBA

In the week leading up to November 28, the average rate for a 30-year fixed mortgage decreased to 6.32%, marking its lowest point in four weeks and nearing the one-year low of 6.2% observed in October's third week, as reported by the Mortgage Bankers Association (MBA). This trend is in line with declining Treasury yields, influenced by rising expectations of a Federal Reserve rate cut in December. Despite this, overall mortgage applications fell by 1.4%, primarily due to a 4.4% decrease in refinancing requests, while home purchase applications rose by 2.5%. According to Joel Kan, MBA’s vice president, "We continue to see mixed results each week as the broader economic outlook remains uncertain, even as the slowing pace of home price growth and an increase in available inventory encourage some buyers to re-enter the market."