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Mortgage rates plunge the most in 16 months as bond rally boosts beaten-down housing market

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mortgage rates fell the most in more than a year last week, an industry lobby group said Wednesday, as the sharp slump in Treasury bond yields tied to bets that the Federal Reserve has come to the end

of its rate hiking cycle powered a huge boost to home affordability.said average 30-year fixed rates for conforming loan balances of less than $726,200 fell by 25 basis points, or a quarter of a percentage point, to 7.61% for the week ending on November 3, a move that marks the biggest week-on-week decline since July of last year. The MBA's average rate hit 7.9% in late October, the highest since 2000.

"Applications for both purchase and refinance loans were up over the week but remained at low levels," he added."The purchase index is still more than 20 percent behind last year's pace, as many homebuyers remain on the sidelines until more for-sale inventory becomes available." Bond prices move in the opposite direction of yields, and buyers tend to purchase Treasuries when they are more comfortable with slowing inflation prospects. The bond price gains push yields lower, putting downward pressure on mortgage rates.

 

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