Mortgage rates fell to the lowest level since October 2024, according to data released Thursday by Freddie Mac. Zak Bennett/Bloomberg/Getty Images

After months of sitting out a sluggish housing market, would-be buyers may finally have a reason to jump in: Borrowing rates are tumbling.

The 30-year fixed mortgage rate averaged 6.35% for the week ending September 11, down from 6.50% last week, according to data released Thursday by Freddie Mac.

That’s the sharpest weekly drop in rates so far this year.

The fall in home borrowing costs comes as the bond market flashes signals that the US economy may be deteriorating more than expected, after new data suggested that the US labor market was much weaker than previously thought .

“In anticipation that the Federal Reserve will cut interest

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