Mortgage Rates Plunged Last Week. Buyers Are Still Scarce.

The decline followed a raft of cooler-than-expected economic data and successful Treasury auctions.

Last week’s drop in Treasury yields has translated into lower costs for home buyers. One measure of mortgage rates fell 0.25 percentage point last week, its greatest one-week drop since July 2022.

Freddie Mac’s closely-watched mortgage rate survey, which covers a period of time from Thursday morning through Wednesday night, is expected Thursday at noon and will likely reflect a similar drop. That decline excited investors in home builder stocks. Exchange-traded funds tracking the industry have rallied in recent days, first sent higher by the decline in Treasury yields, then D.R. Horton’s strong earnings and guidance. The iShares U.S. Home Construction ETF , which tracks home building companies and related shares, closed 1.24% higher on Tuesday, and was up 0.8% in morning trading.

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