US mortgage rates fell by 6.42% for the first time in 3 weeks

Posted on January 17, 2023   |  

The contract rate on a 30-year fixed mortgage fell 16 basis points to 6.42%, boosting applications for refinancing, which grew by 5.1% in the week.

In the last year, mortgage rates have doubled because the Federal Reserve increased borrowing costs to control inflation, hampered housing market activity.

Homeowners who locked in low rates in the last 2 years have stayed put, and are purchasing common applications.