US mortgage rates declined last week to an almost one-year low, sparking a surge in refinancing activity and encouraging prospective buyers to step off the sidelines.
The contract rate on a 30-year mortgage fell 15 basis points to 6.49% in the week ended Sept. 5, according to Mortgage Bankers Association data released Wednesday. Rates on 15-year mortgages and five-year adjustables dropped to their lowest levels in about a year.