The interest rate on the most popular U.S. home loan dropped last week to its lowest level in two years, as markets anticipated that the Federal Reserve would begin cutting interest rates, potentially by as much as half a percentage point, during its meeting on Wednesday.

According to the Mortgage Bankers Association (MBA), the average contract rate for a 30-year fixed-rate mortgage fell by 14 basis points to 6.15% in the week ending September 13. This marked the lowest rate since September 2022 and followed another 14-basis-point decline the previous week.

The lower borrowing costs led to a surge in mortgage applications for both home purchases and refinancing, as improved housing affordability and slower growth in home prices provided relief to potential buyers.

U.S. mortgage rates peaked nearly 11 months ago at around 8%, but have since declined as the Federal Reserve signaled that its aggressive rate-hike campaign, aimed at combating inflation, was nearing an end. The Fed has indicated that the next move would likely be a rate cut, provided inflation remained under control.

The Federal Reserve is expected to conclude its September 17-18 meeting later on Wednesday. In addition to potentially cutting rates, the central bank is expected to release updated projections for its policy rate over the next few years.

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