While some experts are seeing increased activity in homebuying due to drops in mortgage rates, a local expert isn’t sure that’s entirely the reason. According to a recent CNBC report, in the Mortgage Bankers Association’s seasonally adjusted index, the total mortgage application volume jumped slightly more than 20% last week compared with the week before. Ann Zeilingold of FM Home Loans in New City says springtime brings more buyers and sellers out into the market…
The average contract interest rate for 30-year fixed-rate mortgages dropped from 6.88% to 6.73%. That is the lowest it’s been since December 2024.