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Mortgage rates dipped below 6.3% for the first time in more than a month amid market optimism about ongoing negotiations between the U.S. and Iran.<\/p>\n
The average 30-year mortgage was 6.23% through Wednesday, down from 6.3% a week earlier, according to Freddie Mac data.<\/p>\n
\u201cRates currently stand at their lowest level in the last three spring homebuying seasons,\u201d Sam Khater, Freddie Mac\u2019s chief economist, said in a statement. \u201cThis improvement, coupled with a pickup in purchase applications and refinance activity, as well as an increase in monthly pending home sales, underscores signs of improving momentum in the market.\u201d<\/p>\n
Mortgage applications for home purchases surged 10% last week, according to the Mortgage Bankers Association, and refinancing applications were up 6%. Meanwhile, new listings rose 3% for the four weeks through April 19, according to Redfin. The brokerage called it a sign of a \u201csmall spring rebound.\u201d<\/p>\n