Key facts
- The average 30-year fixed mortgage rate in the U.S. fell to 6.43% this week.
- This is the lowest rate recorded since May 14.
- Last week, the average 30-year rate was 6.49%.
- One year ago, the average 30-year rate stood at 6.67%.
- The average rate for a 15-year fixed mortgage decreased to 5.79% from 5.84%.
The average long-term U.S. mortgage rate has fallen to its lowest level in seven weeks, easing borrowing costs for prospective homebuyers. The benchmark 30-year fixed mortgage rate dropped to 6.43% from 6.49% the previous week, according to Freddie Mac. This marks the lowest rate since May 14, when it was 6.36%.
Borrowing costs for 15-year fixed-rate mortgages also saw a decline, falling to 5.79% from 5.84% last week. A year ago, the 30-year rate was 6.67% and the 15-year rate was 5.8%.
Mortgage rates are influenced by factors including Federal Reserve policy, bond market expectations for the economy and inflation, and generally follow the 10-year Treasury yield.