The 30-year mortgage rates in the United States have dropped, the biggest decline since February.

Last week, mortgage rates in the United States recorded their largest decline since February, attracting homeowners to increase their refinancing efforts. Data released by the Mortgage Bankers Association on Wednesday showed that as of the week ending August 8, the contract rate for 30-year fixed-rate mortgages fell by 10 basis points to 6.67%. The rate for 15-year mortgages dropped below 6% for the first time in four months, matching the lowest level since October. Mortgage rates usually follow the trend of the U.S. Treasury market, which saw a significant decline in yields at the beginning of the month after weak employment data. The employment report at the time also revised down the previous month's data, leading to an increased likelihood of the Federal Reserve cutting interest rates next month. MBA's refinancing index surged by 23% compared to the previous week, reaching the second highest level since early October. The purchase application index saw a slight increase of 1.4%.