The move was widely anticipated and is expected to be followed by additional cuts this year. 

The jump in mortgage activity was driven in large part by refinancings, which surged 58% in the week ended Sept. 12. 

At the same time, completions of new single-family homes were on the rise last month, according to federal statistics. 

The National Association of Home Builders said its monthly builder-confidence survey indicated rising optimism that lower interest rates could spur new-home buying activity. 

The Boston metro area received a “strong seller” designation on Zillow’s Market Heat Index.

Closed sales decreased for both condos (-0.5%) and single-family homes (-4.6%) in August, although the single-family market saw a sharper drop.

The value of the U.S. housing market value hit $55.1 Trillion in June, Zillow found, and nine metros hold nearly one-third of the nation’s housing wealth.

The surge comes as the rate on a 30-year fixed-rate mortgage fell to its lowest level since October 2024. 

Boston ranks 16th among the 20 most populous U.S metros for new apartment construction.

The rate of home-price appreciation slowed to just over half the rate of inflation in July, Cotality noted. 

Despite the decrease in borrowing costs, the Mortgage Bankers Association’s Market Composite Index showed a decrease in mortgage applications in the week ended Aug. 29. 

Nationwide, survey respondents good cited weather, low crime and affordability as the most desirable qualities for a city to have.

Despite a slowdown in single-family construction activity, newly built homes are becoming increasingly accessible to American buyers, in terms of both availability and affordability. According to data from the New-Construction Insights report released by Realtor.com, in the second quarter

In July, 1,310 Boston homes for sale were affordable to median-income households. That marks an 11.4% yearly increase, but a 36.3% decrease from July 2020.

Signed contracts declined despite lower interest rates and improved affordability and inventory, the National Association of REALTORS® said.   

The pace of home-price appreciation declined to its slowest pace in two years, according to the S&P Cotality Case-Shiller U.S. National Home Price Index.