The average rate on a 30-year mortgage in the U.S. fell to its lowest level since October 2024, the Associated Press reports, boosting the purchasing power of prospective homebuyers and potentially injecting life into a stagnant housing market.
Mortgage buyer Freddie Mac said Thursday that the long-term rate dropped to 6.58% from 6.63% last week. One year ago, the rate averaged 6.49%.
Borrowing costs on 15-year fixed-rate mortgages also fell, with the average rate down to 5.71% from 5.75% last week. Last year, it was 5.66%.
This is the fourth straight week that rates have dropped. The latest average on a 30-year mortgage has reached its lowest level since last October’s 6.54%.
