"Record Low: US Mortgage Interest Rates Plummet to Two-Month Lows"

The average interest rate on the most popular US home loan fell to its lowest level in two months as Treasury market yields continued to decline. The average contract rate on a 30-year fixed-rate mortgage dropped by 20 basis points to 7.41%, the lowest since late September. The dip in mortgage rates led to an increase in mortgage applications, but purchase applications remain below typical levels, indicating that potential buyers are still waiting on the sidelines.