U.S. mortgage rates drop for the first time in six weeks, falling to 7.02%, stimulating a home-buying surge

The U.S. mortgage rate has fallen to 7.02% for the first time in six weeks, driving the home purchase application index to its highest level in a year. According to data from the Mortgage Bankers Association, the contract rate for a 30-year mortgage decreased by 7 basis points, and the reduced financing costs stimulated loan activity. Although the home purchase application index has been seasonally adjusted, fluctuations may still occur. U.S. Treasury yields fell due to better-than-expected inflation data, and the market anticipates that the Federal Reserve may cut interest rates earlier