SDI Productions / Getty Images Mortgage demand surged in the week ending Sept. 5 as borrowers took advantage of a drop in mortgage rates. Key Takeaways Home buyers and refinancers applied for mortgages at the highest level since 2022 as mortgage rates fell to their lowest since last October. Mortgage volume was higher last week than the same time last year as borrowers rushed to take advantage of falling rates. Significant increases were seen in applications for both purchases and refinancing, especi ...

(Reuters) -The interest rate on the most popular U.S. home loan dropped by the most in six months last week after a weak employment report drove benchmark Treasury bond yields down in anticipation of a Federal Reserve rate cut at its meeting next week. The Mortgage Bankers Association on Wednesday said the contract rate on a 30-year, fixed-rate mortgage dropped 15 basis points in the week ended September 5 to 6.49%, the lowest since last October. With the latest decline, the rate has dropped by 60 basis ...