Mortgage rates fell to 7.5% this week, the largest decline since last year

Business
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  • The decline in rates follows a decrease in Treasury yields.
  • The new weekly rate is the lowest since early October.
  • However, the decline in rates may not have a significant impact on demand due to high home prices and mortgage rates compared to last year.
  • Home affordability has reached a record low for first-time buyers and buyers overall.
  • Household debt continues to rise, primarily due to mortgage, credit card, and student loan balances.
  • The Mortgage Bankers Association reported a significant decline in its mortgage rate gauge but an increase in home purchase loan applications.