Homeowners and home buyers seize a brief — but steep — drop in mortgage rates

Mortgage applications surged to a six-month high after a brief dip in rates, with purchase activity up 9.2% and refinance activity rising 35.3%. The drop in rates was attributed to uncertainties surrounding the U.S. economy and the median home price in the U.S. hitting $398,400, prompting many buyers to take advantage of the lower rates across various types of home loans.

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