US mortgage rates declined last week to the lowest level since September 2022 in anticipation of Federal Reserve interest-rate cuts, stoking an influx of applications for home purchases and refinancing.

The decline in mortgage costs, influenced by expectations of the Federal Reserve’s rate moves, could revive interest in buying, selling and remortgaging, economists said.

In the first week of January, mortgage rates averaged around 6.62%, already elevated compared to historical norms. By late March, they had surged to 6.94%, and by the first week of May, they had reached their peak for the year at 7.22% — up by about 0.6% from the start of 2024.

These are today's mortgage and refinance rates. Mortgage rates are down ahead of an expected Fed cut, but they might not drop much further this week.

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The US Federal Reserve has cut its key lending rate by half a percentage-point in its first reduction since the onset of the Covid, sharply lowering borrowing costs shortly before November’s president

On this crazy day with the bond market, mortgage rates dropped to another yearly low after the CPI inflation print.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their loans to a lower rate, also eased.

U.S. mortgage rates dropped to the lowest level in more than 1-1/2 years this week and could fall further after the Federal Reserve cut interest rates for the first time since 2020.