Average rate on a 30-year mortgage falls to lowest level in nearly a year

The average rate on a 30-year U.S. mortgage has fallen to its lowest level in nearly a year. Freddie Mac reports the rate eased to 6.35% from 6.5% last week. This drop reflects a pullback in Treasury yields ahead of an expected interest rate cut from the Federal Reserve next week. Mortgage rates are influenced by factors like the Fed’s interest rate policy and bond market expectations.

Elevated mortgage rates have kept the U.S. housing market in a slump since early 2022, when rates began climbing from pandemic lows. The recent downward trend bodes well for prospective homebuyers who have been held back by stubbornly high home financing costs.

European Central Bank leaves rates unchanged

FRANKFURT, Germany — The European Central Bank left interest rates unchanged Thursday with inflation