U.S. mortgage rates hit near one-year low, refinancing boom heats up.

Mortgage rates in the United States fell to the lowest level in nearly a year last week, driving a significant increase in refinancing activity. Data released by the Mortgage Bankers Association (MBA) on Wednesday showed that the 30-year mortgage contract rate dropped 10 basis points to 6.39% for the week ending September 12. The refinance activity index monitored by the association climbed to its highest level since early 2022, and the home purchase application index also rose. Mortgage rates have now declined for three consecutive weeks, injecting new vitality into the real estate market, which has struggled to regain momentum in the long term. If rates continue to fall, it may not only rekindle demand from homebuyers but also encourage more Americans to list their homes for sale. Investors anticipate that the Federal Reserve will begin lowering the benchmark interest rate later this week, with multiple rate cuts expected over the next few months. The Mortgage Bankers Association's overall mortgage activity index (covering both home purchases and refinancing transactions) has reached its highest point in over three years. The MBA's survey has been conducted weekly since 1990 and includes mortgage banks, commercial banks, and savings institutions as respondents. Their data covers over 75% of retail residential mortgage applications in the United States, making it highly representative.