Home mortgage demand surges as rates drop to 6.35% | NYGazet

Rates saw the biggest one-week drop in a year, spurring a spike in new purchase and refinance applications.

Mortgage rates are finally falling, and just saw their biggest weekly drop in the past year. The average interest rate for a 30-year fixed-rate mortgage in the past week was 6.35%, according to Freddie Mac, down from 6.5% a week earlier. That's the l... [1104 chars]