US mortgage rates drop to two-year low ahead of US Fed rate cut
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US mortgage rates fell to the lowest since September 2022, with a 30-year fixed mortgage rate dropping 14 basis points to 6.15% as of Sept 13, 2024; the 15-year mortgage rate decreased 29 basis points to 5.42%; adjustable-rate mortgages fell to 5.66%; this marks seven consecutive weeks of decline, the longest since 2018-2019; home-purchase applications increased by 5.4%, reaching a three-month high; refinancing applications surged over 24%, the highest since April 2022; the decline in rates is attributed to expectations of Federal Reserve interest-rate cuts, with a decision anticipated on Sept 18, 2024.

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