Applications for mortgages rose sharply as homeowners and home buyers pounced on falling mortgage rates.
The 30-year rate fell to the lowest level since September 2022 ahead of a highly anticipated rate cut by the Federal Reserve on Wednesday.
The central bank cut its benchmark interest rate by 50 basis points, which is roughly line with what the mortgage market was expecting, John Toohig, head of whole loan trading at Raymond James told MarketWatch.
