Last week, the US mortgage rate fell to the lowest level since March, which is a relief for potential homebuyers and industries looking to increase demand momentum. #2024 Market Outlook # #2024 Macro Outlook # #2024 Investment Strategy #

According to data released on Wednesday, July 17th, by the American Mortgage Bankers Association, the contract interest rate for 30-year fixed mortgages dropped 13 basis points to 6.87% for the week ended July 12th. The interest rate on 15-year mortgages fell to 6.49%.

Mortgage rates have synchronized with Treasury yields, and last week's government data showed general cooling of inflationary pressures, leading traders to increase their bets on the possibility of the Fed cutting interest rates in September or even earlier.

The seasonally adjusted mortgage application index fell by 2.7%. Data may fluctuate around holidays, and the latest weekly data came shortly after Independence Day. Unadjusted data showed a 22% increase in home purchase applications.

The Mortgage Bankers Association's adjusted composite application index, which includes purchase and refinancing applications, rose 3.9%. The organization's refinancing index rose 15.2%.

The MBA survey, conducted every week since 1990, uses data from mortgage bankers, commercial banks, and savings and loans. These data cover more than 75% of the retail residential mortgage applications in the United States.