Record-Low Mortgage Rates Spark Surge in New Home Listings

The average 30-year mortgage rate has dropped to its lowest level since August, reaching 7.44%. Other loan averages also decreased, but some remained unchanged and refinancing averages saw multiple increases. It is advised to shop around for the best mortgage option and regularly compare rates from different lenders. The factors influencing mortgage rates include the bond market, Federal Reserve policies, and competition among lenders. The Fed's tapering of bond purchases and rate increases have contributed to the recent upward impact on mortgage rates. However, the Fed has held rates steady in its last two meetings, and future rate increases are uncertain.