The average rate on a 30-year U.S. mortgage saw another drop this week, following Treasury bond yields lower with the announcement of the Federal Reserve’s first interest rate cut of the year, the Associated Press reports.
Mortgage buyer Freddie Mac said Thursday that the rate fell to 6.26% from 6.35% last week and was up from 6.09% one year ago.
Borrowing costs on 15-year fixed-rate mortgages also headed lower, with the average rate slipping to 5.41% from 5.5% last week. It was 5.15% one year ago.
The average 30-year mortgage rate is at its lowest level since Oct. 3, 2024, when it was 6.12%.
