The U.S. average 30-year mortgage rate hit a 10-month low this week, according to the Associated Press.
Mortgage buyer Freddie Mac said Thursday that the long-term rate eased to 6.56% from last week’s 6.58%. One year ago, the rate averaged 6.35%.
Borrowing costs on 15-year fixed-rate mortgages were unchanged from last week, holding steady at 5.69%. One year ago, that number was 5.51%.
While the average rate on a 30-year mortgage has remained relatively close to its 2025 high of just over 7%, set in mid-January, it has trended generally lower for six consecutive weeks.
It is now at the lowest level since Oct. 24, 2024, when it averaged 6.54%.
