Recent reports indicate a significant decline in mortgage rates, with the average 30-year mortgage hitting its lowest point in nearly a year at 6.35%. This drop has sparked a surge in mortgage demand, with homeowners rushing to refinance and potential buyers re-entering the market. Analysts note this is the largest weekly decline in mortgage rates observed in a year, reflecting broad economic trends and expectations of future Federal Reserve rate cuts. As housing affordability improves, the market is showing signs of recovery, with applications for new homeowner loans rising to a three-year high.