Mortgage rates dropped again this weeklincoln, extending a monthslong decline fueled by expectations of a cut in interest rates by the Federal Reserve, which came into fruition on Wednesday.
The average rate on 30-year mortgages, the most popular home loan in the United States, fell to 6.09 percent this week, Freddie Mac reported on Thursday. That was down from 6.2 percent a week earlier, reaching the lowest level since February 2023. Rates have fallen about one percentage point over the past four months, and are significantly lower than their peak at nearly 7.8 percent late last year.
The downward drift in rates toward 6 percent is “reviving purchase and refinance demand for many consumers,” Sam Khater, Freddie Mac’s chief economist, said in a statement.
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