30-year mortgage rate tumbles by most in more than a year

The average 30-year mortgage rate dropped significantly last week, resulting in a surge in home purchase applications. The decline in rates offers some relief for the struggling housing market, but they remain high, discouraging homeowners from moving. Experts predict a gradual decline in mortgage rates over the next two years, but they are not expected to fall below 6.0% before the end of 2025. The Federal Reserve's decision to hold interest rates steady is providing hope for the housing sector. The overall index of mortgage applications, including refinancing, also increased.

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