Mortgage Rate Drop Triggers Refinancing Surge While Home Sales Hit 29-Year Low

Refinancing activity jumped 5% last week as borrowing costs hit a one-month low. The average 30-year fixed mortgage rate declined from 6.51% to 6.42%. This decline was linked to market volatility tied to the Iran war and its impact on energy prices, which influenced bond yields. Existing home sales ran at a 3.98 million pace in March, according to the National Association of Realtors, the lowest sales pace since 1995.