U.S. mortgage interest rates fell for the fourth week in a row, driving home loan applications to the biggest increase since mid-April, bringing signs of recovery to the sluggish real estate market. According to data released by the American Mortgage Bankers Association on Wednesday, interest rates on 30-year fixed-rate mortgage contracts fell 9 basis points to 7.21% in the week ending November 6. The cost of borrowing has dropped by nearly 30 basis points from 7.5%, which was close to a two-year high at the beginning of last month, but for many Americans, the cost of borrowing is still too high. The home purchase loan application index rose 7.5%. This is the second time since the end of August that it has recorded weekly growth. The index of refinancing applications rose 4.5%. It has been rising for three consecutive weeks, but is still close to its lowest level since January 2025. Although falling mortgage interest rates are good news for the real estate market, interest rates may need to continue to fall to really stimulate potential buyers to enter the market. Previously, mortgage interest rates rose rapidly in September, causing the number of second-hand housing sales contracts to be signed to an all-time low in the same month. The National Association of Realtors of America will release the October housing transaction data on Thursday. According to a survey of economists, the market expects the median volume of existing housing transactions to fall to its lowest level since 2010.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.