Lending markets should experience some relief from high financing costs if the Fed continues to cut interest rates over the next few months — but still, some could face difficulty in securing refinancing. Recent cuts are already spurring optimism in the residential market, with mortgage applications increasing 2.8% during the last week of November, according to data from the Mortgage Bankers Association.
Mortgage rates fell to their lowest level in over a month with the 30-year fixed rate decreasing to 6.69%, MBA said.
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