U.S. mortgage rates fell last week by the most since the end of July, slipping below 7% and helping generate a bounce in purchase applications that otherwise remain depressed.
The contract rate on a 30-year fixed mortgage decreased 24 basis points to 6.9% in the week ended Nov. 11, according to Mortgage Bankers Association data released Wednesday. The group’s index of applications to buy a home rose 4.4% — the most since June — but is still near the weakest level since 2015.
The pickup in demand allowed the overall measure of mortgage applications, which includes refinancing, to rise for the first time in two months. The index of refinancing activity, however, fell to a fresh 22-year low.
