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**Homeowners and Buyers Surge Back into Market as Mortgage Rates Plummet**

**Washington D.C. -** A significant drop in mortgage rates has triggered a wave of activity in the housing market, with both homeowners seeking to refinance and potential buyers emerging from the sidelines. The sudden increase in demand comes in response to economic data indicating a weakening U.S. labor market, which pushed mortgage rates down.

According to a new report from the Mortgage Bankers Association (MBA), the average contract rate for a 30-year fixed-rate mortgage fell a substantial 15 basis points to 6.49% as of September 5th. This dip proved to be the catalyst many were waiting for.

“The sharp decline in rates has motivated homeowners who were previously hesitant to refinance to take action,” said an MBA spokesperson. “We’re also seeing a resurgence of interest from potential homebuyers who had been patiently waiting for a more favorable market.”

The surge in activity highlights the sensitivity of the housing market to fluctuations in interest rates. With economic uncertainty looming, the future trajectory of mortgage rates remains to be seen, but for now, the lower rates are providing a welcome boost to the industry.

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