US: 30-Year Mortgage Rates Fall for 2nd Week.

The average rate on a 30-year fixed mortgage in the US fell to 7.37% in the week ending October 23, marking a second consecutive weekly decline and providing some relief to prospective homebuyers and homeowners considering refinancing. The easing in borrowing costs helped lift overall mortgage application volume by 3.4% from the previous week, according to the Mortgage Bankers Association. Applications to refinance existing loans increased 3%, while applications for home purchases rose 4%. However, mortgage costs remain elevated compared with historical levels, with rates still more than one percentage point above those recorded during the same period last year. Many existing homeowners also continue to benefit from significantly lower rates secured before the recent rise in borrowing costs, limiting the incentive to refinance. Meanwhile, rising home prices continue to challenge affordability, meaning that the recent decline in mortgage rates may offer only modest relief to buyers.