The average U.S. 30-year mortgage rate hit a four-month low, according to the Associated Press. Thursday’s report from mortgage buyer Freddie Mac provides potential relief for prospective homebuyers contending with high home financing costs.
The long-term rate dropped to 6.63% from last week’s 6.72%, Freddie Mac said. At the same time last year, the rate averaged 6.47%.
Borrowing costs on 15-year fixed-rate mortgages also declined, with the average rate falling to 5.75% from 5.85% last week. It was 5.63% at the same time in 2024.
Thursday’s announcement marked the third straight week that rates have come down, and the latest average rate on a 30-year mortgage now stands just above the low point of 6.62% set April 10.
