The mortgage rates in the United States have dropped to a nearly one-year low, sparking a wave of refinancing.

Wisdom Finance APP learned that mortgage rates in the United States fell to their lowest level in nearly a year last week, driving a significant increase in refinancing activity. Data released by the Mortgage Bankers Association (MBA) on Wednesday showed that the 30-year contract interest rate for mortgages dropped 10 basis points to 6.39% in the week ending September 12. The association's monitored refinance activity index rose to its highest level since early 2022, with the home purchase application index also rising simultaneously.