Average long-term US mortgage rate eases to 6.3%, back to its lowest level in about a year

KEY TAKEAWAYS:

Average 30-year mortgage rate drops to 6.3%, lowest since last year.

15-year fixed mortgage rates also ease to 5.53%.

Rate declines follow uncertainty in Fed policy and ongoing government shutdown.

Lower rates may support modest rebound in home sales and refinancing .

The average rate on a 30-year U.S. mortgage edged lower this week, returning to its lowest level in about a year.

The average long-term mortgage rate slipped to 6.3% from 6.34% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.32%.

The modest drop brings the average rate back to where it was two weeks ago, after a string of declines brought down home loan borrowing costs to their lowest level since early October 2024.

Borrowing costs on 15-year fixed-rate mortg