US Mortgage Rate Drops to 6.19%, Lowest Level in Over a Year
30-year Mortgage rates in the US have fallen to 6.19%, the lowest level in over a year, mortgage buyer Freddie Mac said Thursday. It is the third straight weekly decline, bringing the average rate to its lowest level since Oct. 3, 2024. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased this week. The average rate dropped to 5.44% from 5.52% last week. A year ago, it was 5.71%, JUST IN: US mortgage rates fall to lowest level in over a year. — Watcher.Guru (@WatcherGuru) October 23, 2025 “Mortgage rates continued to trend down this week, hitting their lowest level in over a year,” said Sam Khater, Freddie Mac’s Chief Economist. “At the start of 2025, the 30-year fixed-rate mortgage surpassed 7%, while today it hovers nearly a full percentage point lower. This dynamic has kept refinancings high, accounting for more than half of all mortgage activity for the sixth consecutive week.” The rates have fallen in previous week...