Mortgage Rates Plummet Again: Is This Your Golden Opportunity to Buy or Refinance?

Mortgage rates have fallen, with the 30-year fixed-rate mortgage now at 6.46% and the 15-year at 5.62%. Despite this decline, experts caution it may not trigger the anticipated housing boom. Buyer applications have decreased, indicating a wait-and-see approach among potential homeowners. Refinance applications are down weekly but up 90% year-over-year. Existing home sales rose 1.3% from June to July, ending a four-month decline. Affordability remains a challenge, with consumer frustration evident in recent surveys.