Plunging Mortgage Rates Could Light Up These 9 Stocks
Mortgage rates are dropping at their fastest pace in nearly a year which could give a much needed boost to the frozen housing market— as well as stocks tied to home loan servicers, builders and home retailers. The Data: The 30-year fixed mortgage rate averaged 6.35% for the week ending Sept. 11, down from 6.50% the prior week, according to data from Freddie Mac. The 15 basis point drop is the largest weekly decrease in the past year and brings rates to their lowest level since last October. Read Next: Opendoor Returns To ‘FounderMode’—Stock Soars The dip sparked interest among homebuyers and homeowners and led to the highest growth in purchase applications in over four years and an increase in refinancing activity. Effects on Home Loan ServicersThe surge in refinancing applications directly benefits home loan servicers with an uptick in processing ...Full story available on Benzinga.com
