For the third consecutive week, mortgage rates have moved lower, supported by data suggesting a decrease in inflationary pressures.
A year ago at this time, the 30-year FRM stood at an average of 7.08%.
Rates have risen two full percentage points in 2023 alone.
Recent reports from the International Monetary Fund (IMF) have sounded alarms over China's escalating risk of a financial crisis.
The housing market remains fraught with significant affordability constraints.
Overall housing starts increased 3.9% to a seasonally adjusted annual rate of 1.45 million units.