financetom
Economy
financetom
/
Economy
/
US 30-year mortgage rate falls to two-year low of 6.15%
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US 30-year mortgage rate falls to two-year low of 6.15%
Sep 22, 2024 11:54 PM

(Reuters) - The interest rate for the most popular U.S. home loan fell last week to its lowest level in two years, on anticipation the Federal Reserve will start cutting interest rates on Wednesday, potentially by as much as a half of a percentage point.

The average contract rate on a 30-year fixed-rate mortgage dropped 14 basis points in the week ended Sept. 13, to 6.15%, the Mortgage Bankers Association said on Wednesday. That was the lowest rate since Sept 2022, and followed a 14-basis-point drop the previous week.

Applications for home loans, refinancing, and purchases all jumped last week, the MBA said, citing lower borrowing costs and improved housing affordability as home prices rose more slowly.

US mortgage rates peaked about 11 months ago at near 8%, and have since fallen as the Fed signaled its 2022-2023 rate-hike campaign had ended and that its next move would be a rate cut, once policymakers became confident inflation was under control.

The Fed wraps up its Sept 17-18 meeting later on Wednesday, and along with a rate cut is also expected to publish fresh projections for the policy rate path over the next few years.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Jim Cramer Predicts Fed Rate Cuts As Regional Banks Stumble: 'Credit Cavalry Is Right On Time'
Jim Cramer Predicts Fed Rate Cuts As Regional Banks Stumble: 'Credit Cavalry Is Right On Time'
Oct 17, 2025
CNBC’s Jim Cramer declared Thursday that a recent spike in bad bank loans is the signal the Federal Reserve needs to begin cutting interest rates, arguing that the “credit cavalry is right on time” to rescue the market. Credit Issues With Banks To Motivate Fed’s Rate Cuts Cramer explained on “Mad Money” that these credit losses, while painful for the...
US Dollar Falls Early Friday; Absence of Key Data Due to Shutdown
US Dollar Falls Early Friday; Absence of Key Data Due to Shutdown
Oct 17, 2025
07:47 AM EDT, 10/17/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Friday ahead of a lighter day of economic data releases. The Atlanta and St. Louis Federal Reserve banks are expected to update their gross domestic product Nowcast models for Q3 around midday, though the absence of government data inputs may even delay or...
U.S. equity funds regain inflows on rate-cut bets, upbeat earnings
U.S. equity funds regain inflows on rate-cut bets, upbeat earnings
Oct 17, 2025
(Reuters) -U.S. equity funds saw renewed demand in the week to October 15 as signals of further rate cuts from Federal Reserve Chair Jerome Powell and a solid start to the corporate earnings season eased concerns over trade tariffs and a government shutdown. LSEG data showed investors purchased a net $1.04 billion in U.S. equity funds, recouping nearly a quarter...
White House's Hassett on credit markets: optimistic we can stay ahead of curve
White House's Hassett on credit markets: optimistic we can stay ahead of curve
Oct 17, 2025
WASHINGTON (Reuters) -White House economic adviser Kevin Hassett said on Friday that banks have ample reserves and that he was optimistic that credit markets could stay ahead of the curve. Markets should realize there is a new administration in the United States, Hassett, director of the National Economic Council, said in an interview with Fox Business Network. ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved