The MBA mortgage application activity index in the United States rose slightly to 233.7 as of September 6th, while the 30-year fixed mortgage rate dropped significantly by 14 basis points to 6.29%, the lowest level since February 2023. Mortgage rates have followed the decline in U.S. Treasury yields, with the 10-year Treasury yield falling by 20.1 basis points. This is because weak data has stimulated risk-averse trading in the stock market and also supported the possibility of interest rate cuts. Joel Kan, Vice President and Associate Chief Economist of the Mortgage Bankers Association (MBA), pointed out that, "Despite the decrease in rates, challenges in affordability and other factors such as limited inventory may still hinder purchase decisions." He also added that, regarding refinancing, "The potential for refinancing is still limited because many borrowers' rates are still below 5%." As rates continue to decline, some homeowners can benefit from refinancing, which is a positive development.