Mortgage rates drop to the lowest level in a year, opening ‘an important window’ for buyers

Core Insights - Mortgage rates have reached their lowest level in 12 months, providing relief for home buyers [1] - The 30-year fixed-rate mortgage averaged 6.19% as of October 23, down 8 basis points from the previous week [2][3] - A separate survey indicated a slightly lower rate of 6.17% as of October 22, driven by investor expectations of a Federal Reserve rate cut [4] Mortgage Rate Trends - The decline in mortgage rates is linked to a drop in the 10-year Treasury yield, which typically influences mortgage rates [4] - Homeowners are responding to lower rates with increased refinance applications, indicating renewed interest in the housing market [5] Market Reactions - Home sales saw a modest increase of 1.5% in September, with optimism that falling rates will further stimulate sales [7] - Despite improvements in affordability due to lower rates, the housing market remains out of reach for many buyers [8]