Mortgage benchmark rate fell to five-month low

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Having slowly bounced back more than 3 percent two weeks ago to a two-month high., the average rate on a benchmark 30-year mortgage has since dropped 12 basis points (0.12 percentage points) to 2.90 percent, down 13 basis points from the same time last year, within 25 basis points from an all-time low and the lowest average rate in five months.

In the same time, US mortgage loan applications fell to their lowest level since the beginning of last year, with mortgage buying activity declining 14 percent year on year over the past week, despite rate cuts.





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