Mortgage rates fell to their lowest level in more than a year this week, improving affordability and bolstering homebuyer purchasing power—but the drop has yet to spark a significant revival in housing demand, as buyers remain cautious.
Freddie Mac said on Oct. 23 that the average rate on a 30-year fixed mortgage declined to 6.19 percent, down from 6.27 percent last week and nearly a full percentage point below its January peak above 7 percent. The rate is now the lowest since October 2024, when it briefly hit 6.12 percent.
“Mortgage rates continued to trend down this week, hitting their lowest level in over a year,” Sam Khater, Freddie Mac’s chief economist, said in a statement….