As expectations for a Federal Reserve interest rate cut rise, mortgage rates plummet by 10 basis points, igniting a refinancing frenzy
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The 30-year mortgage rate in the United States has dropped to 6.67%, a new low since April, driving a 23% surge in refinancing applications. Although home purchase applications only increased slightly by 1%, the market shows significant differentiation. Expectations for interest rate cuts by the Federal Reserve are heating up, especially against the backdrop of an inflation rate stabilizing at 2.7%, with the financial community generally betting that a rate-cutting cycle is about to begin. Despite some officials holding a cautious attitude towards rate cuts, the market remains focused on the impact of policy adjustments on the housing market
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