Mortgage rates dropped to the lowest level in five months, luring more home buyers into the housing market. As the 30-year fixed-rate mortgage fell to the lowest level since October 2024 at the start of this month,

After the 2008 financial crisis, the housing market recovered fairly well, with mortgage rates remaining below 5% and competitive housing prices. However, the post-COVID housing market faces instability and long-lasting affordability concerns,

Refinance activity was up 16% from the end of February while purchase applications rose mildly, on the strength of fading rates amid larger economic woes.

The average US 30-year mortgage rate declined for a sixth straight week to the lowest level since early December, sparking a pickup in purchase and refinancing activity.

Mortgage rates are on a downward trend, with the average rate on a 30-year fixed mortgage dropping from around 6.9% to the 6.6% range over the last month. But a shaky economy will likely keep the housing market frozen for a while.

In recent weeks, mortgage rates have fallen ahead of the Federal Reserve’s March meeting, and the spring homebuying season is underway. Are rate cuts on the table for the year ahead, and how might factors