Mortgage rates experienced their largest weekly decline in a year, dropping to 6.35% for a 30-year fixed-rate mortgage. This decrease, the lowest since October, follows a period of rates above 6.5%, peaking above 7% in January. The drop is attributed to weakening labor market data showing slower job growth, impacting Treasury yields which influence mortgage rates. Increased borrower demand, with both purchase and refinance applications surging, reflects this positive shift.

Prepared by Christopher Adams and reviewed by editorial team.