Summary
The average rate for a 30-year fixed mortgage in the U.S. dropped to 6.15%, the lowest this year. This decline is a favorable sign for prospective homebuyers, although overall home sales have decreased compared to last year.
Key Facts
- The average 30-year mortgage rate fell to 6.15% from 6.18% last week.
- The lowest rate before this was 6.12% on October 3, 2024.
- One year ago, the average 30-year rate was 6.91%.
- The average 15-year mortgage rate decreased to 5.44% from 5.50%.
- Mortgage rates often follow the 10-year Treasury yield, which was 4.14% recently.
- The Federal Reserve has been cutting rates since September, seen as influencing mortgage rates indirectly.
- Home listings have increased, and many sellers are lowering prices.
- Home sales in the past 11 months are down 0.5% compared to the same period last year.
