Mortgage rates headed down this week, reaching a 10-month low.

The weekly average in the U.S. for a 30-year fixed-rate mortgage slid to 6.56% Thursday, the Federal Home Loan Mortgage Corporation, better known as Freddie Mac, reported, a drop of 0.02 percentage points from the week ending Aug. 21.

Weekly average rates haven’t been below that level since hitting 6.54% in October 2024.

Freddie Mac posted Thursday that “demand continues to rise on the back of lower rates and solid economic growth. Though many potential homebuyers still face affordability challenges, consistently lower rates may provide them with the impetus to enter the market.”

Mortgage News Daily showed an even lower rate Thursday for a 30-year fixed-rate mortgage, 6.5%, down 0.01% from Wednesday’s daily index whe

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