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US 30-year mortgage rates dropped to 6.58%, their lowest point in nearly 10 months, offering a potential boost to the sluggish housing market. This marks the fourth consecutive week of rate declines, reaching a level not seen since October 2023. While this could encourage homebuyers, affordability remains a challenge. The decrease follows weaker-than-expected July job data, sparking speculation of a Fed rate cut. However, rising inflation could counter this trend. Mortgage refinance applications surged as a result of the lower rates.

Prepared by Christopher Adams and reviewed by editorial team.