US mortgage rates record biggest drop since February

Mortgage rates in the US fell at the fastest pace since February, pushing many homeowners to accelerate refinancing.

The average rate on a 30-year mortgage declined by 10 basis points to 6.67% during the week ended Aug. 8, according to data from the Mortgage Bankers Association released on Wednesday.

The 15-year mortgage rate fell below 6% for the first time in four months, reaching its lowest level since last October.

This decline led to a 23% rise in the refinancing index from the previous week, reaching its highest level since April.

The home purchase applications index rose by 1.4%.