"The continued decline in mortgage rates is giving the mortgage market a much-needed boost," Bob Broeksmit, the president and CEO of the Mortgage Bankers Association, said in a statement.
--------------------------------------------------------------------------------------
In remarks on Thursday at the Economic Club of Washington, D.C., Biden said, "Yesterday was an important day for the country."

"Two and a half years after the Federal Reserve began raising interest rates, it announced that it began lowering interest rates," Biden said. "I think it's good news for consumers, and that means the cost of buying a home, a car, and so much more would be going down. And it's good news in my view, for the overall economy."

"At its peak, as you all know, inflation was 9.1% in the United States. Today it's much closer to 2%," Biden said. "It doesn't mean our work is done. Far from it. Far from it, no one should confused why I'm here. I'm not here to take a victory lap. I'm not here to say, A job well done.' I'm not here to say We don't have a hell of a lot more work to do.' We do have more work to do."