Mortgage rates fell to the lowest level in more than a year, raising hopes for relief in the battered U.S. housing market.
The average rate on the standard 30-year fixed mortgage fell around a quarter percentage point to 6.47%, according to a survey of lenders released Thursday by mortgage-finance giant Freddie Mac, a low not seen since May 2023 and the sharpest weekly decline in around nine months.
If sustained, lower mortgage rates could help shepherd some Americans back into a market that they have been priced out of in recent years. Home sales last year fell to their lowest level in nearly three decades, and they have been similarly sluggish in 2024.
