Mortgage rates in the usa have fallen to their lowest level since mid-October, sparking a wave of housing financing during this week that includes the Thanksgiving holiday. According to data released by the Mortgage Bankers Association (MBA) on Wednesday, in the week ending November 29, the contract rate for a 30-year mortgage dropped 17 basis points to 6.69%, marking the largest single-week decline since August. The MBA's seasonally adjusted home loan application index rose 5.6%, reaching its highest level this year. These numbers can easily fluctuate significantly around the year-end holidays, and the roughly 18% surge over the past two weeks is evidence of that. Mortgage rates follow changes in usa Treasury yields, which have declined in recent weeks as the market anticipates that the Federal Reserve will gradually lower its benchmark rate. Various signs indicate that the likelihood of the Federal Reserve officials lowering borrowing costs for the third consecutive time at the meeting on December 17-18 has slightly increased, although some policymakers remain open-minded. The MBA's refinancing application index has declined for the ninth time in the past 10 weeks, reaching its lowest since May.