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Mortgage rates dipped to 6.26% for the week ending September 18th, marking a fourth consecutive weekly decline following the Federal Reserve's rate cut. Refinance applications surged nearly 60% as homeowners capitalize on lower rates. However, the future trajectory of mortgage rates remains uncertain, influenced by the 10-year Treasury yield and the Fed's response to inflation and economic slowdown. While some predict limited further decreases, others opt for adjustable-rate mortgages anticipating future rate reductions. A weakening economy, coupled with a housing shortage, might dampen overall housing demand despite lower rates.

Prepared by Christopher Adams and reviewed by editorial team.