US 30-Year Mortgage Rate Falls to a Five-Week Low of 6.48%
- MBA report shows biggest weekly rate drop in four months
- Purchase applications gauge at highest since early February
Homes in Rocklin, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
US mortgage rates fell to a five-week low of 6.48%, helping drive a third-straight advance in applications to buy a home.
The 23 basis-points drop in the contract rate on a 30-year fixed mortgage was the biggest in four months, Mortgage Bankers Association data showed Wednesday. The group’s index of mortgage applications for home purchases rose 2.2% in the week ended March 17 to 169.3, the highest since early February.