Tue Aug 05 08:10:00 UTC 2025: Okay, here’s a news article summarizing and rewriting the provided text:
**Headline: Mortgage Rates Plunge to 10-Month Low, Boosting Homebuyer Hopes**
**[City, State] –** Mortgage rates have plummeted to a 10-month low, offering a potential window of opportunity for prospective homebuyers. The average rate on a 30-year mortgage dipped to 6.57% on Monday, according to Mortgage News Daily, a significant drop from 6.74% recorded on July 28th.
The decline is largely attributed to financial market reactions to the recent, weaker-than-expected July jobs report. Analysts suggest that the market is re-evaluating economic growth projections, contributing to the downward pressure on interest rates.
The drop in rates could provide a much-needed boost to the housing market, which has been grappling with affordability challenges in recent months. Lower rates could translate to reduced monthly payments, making homeownership more accessible to a wider range of potential buyers.
“This is welcome news for those who have been sidelined by high rates,” said Aarthi Swaminathan, a MarketWatch personal finance reporter covering residential real estate.