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<\/p>\n Read in app<\/p>\n <\/a> <\/p>\n This story is available exclusively to Business Insider Mortgage rates are flashing a positive signal for prospective homebuyers. The frozen housing market<\/a> just flashed one of its most promising signs yet that its deep freeze may be ending: mortgage rates<\/a> are finally coming down, and not just by a small amount.<\/p>\n The rate on the 30-year fixed mortgage<\/a> dropped to its lowest level in about a year in the last week, according to data from the Mortgage Bankers Association.<\/p>\n The MBA estimates that the 30-year fixed rate fell 15 basis points to around 6.49% in the week ending September 5. Freddie Mac data also shows that the 30-year fixed rate settled at 6.5% in the last week, the lowest level in about 11 months.<\/p>\n<\/p>\n Borrowing costs for the 15-year fixed mortgage<\/a> and the 5\/1 adjustable rate mortgage<\/a> have also improved. Both rates dropped to around 5.7% in the last week, the lowest in nearly a year.<\/p>\n Borrowing activity, meanwhile, has been picking up. Mortgage applications<\/a> jumped 9.2% in the week ending September 5 compared to the prior week, while refinancing<\/a> activity rose 12% over the last week and climbed 34% compared to the same week last year, MBA data shows.<\/p>\n The spur in activity and drop in rates has largely been fueled by recent weakness in the job market<\/a>, according to Joel Kan, the vice president and deputy chief economist of the MBA.<\/p>\n Expectations that the Fed will cut rates to boost the economy and prop up the labor market have helped push down the 10-year US Treasury yield, which is the benchmark for long-term mortgage rates.<\/p>\n<\/p>\n “The downward rate movement spurred the strongest week of borrower demand since 2022, with both purchase and refinance applications moving higher,” Kan wrote on Tuesday.<\/p>\n Related stories<\/p>\n Business Insider tells the innovative stories you want to know<\/p>\n Business Insider tells the innovative stories you want to know<\/p>\n Lower borrowing costs offer a glimmer of hope for prospective homebuyers, who have been sidelined for the past several years amid a lack of inventory and poor housing affordability<\/a>.<\/p>\n Both parts of the puzzle are flashing signs that they’re starting to improve. Sellers are now outpacing buyers<\/a> in the market at the fastest pace in over a decade, according to a May analysis from Redfin. The median sale price for a house<\/a>, meanwhile, ticked lower to $410,800 in the second quarter, according to the US Census Bureau.<\/p>\n","protected":false},"excerpt":{"rendered":"2025-09-11T16:00:06Z Share Facebook Email X LinkedIn Reddit Bluesky WhatsApp Copy link lighning bolt icon An icon in the…\n","protected":false},"author":2,"featured_media":135603,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[64,63,93460,93459,99,93465,11152,77952,168,93461,13307,93462,171,90877,93464,93463,2178,43157,1547],"class_list":["post-135602","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-au","tag-australia","tag-borrowing-activity","tag-borrowing-cost","tag-business","tag-glimmer","tag-housing-market","tag-inventory","tag-job-market","tag-joel-kan","tag-last-week","tag-low-level","tag-markets","tag-mortgage-rate","tag-poor-housing-affordability","tag-promising-sign","tag-rate","tag-september","tag-year"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/135602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=135602"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/135602\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/135603"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=135602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=135602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=135602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n Rates on the 30-year and 15-year fixed mortgages fell to their lowest level in about a year.
\n Financing activity also picked up significantly in the last week.<\/p>\n![\"\"\/](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2025\/09\/1757243587_911_placeholder.png\")
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