The average rate on a 30-year U.S. mortgage hit a nearly one-year low this week, according to the Associated Press, reflecting a pullback in Treasury yields ahead of the Federal Reserve’s anticipated interest rate cut next week.
Mortgage buyer Freddie Mac said Thursday that the long-term rate fell to 6.35% from 6.5% last week. The average rate is now at its lowest level since Oct. 10, when it was 6.32%.
For 15-year fixed-rate mortgages, the average rate slipped to 5.5% from 5.6% last week and 5.27% one year ago.
