Homes in North Miami, Florida, on August 20. Lower mortgage rates and softer home prices might be improving the housing affordability picture for many Americans. Zak Bennett/Bloomberg/Getty Images

Americans frustrated by high home borrowing rates may have gotten some welcome news this week.

The average 30-year fixed mortgage rate dropped to 6.19% for the week ending October 23, down from 6.27% last week, according to Freddie Mac data released Thursday.

After years of sluggish activity, sidelined homebuyers may finally be ready to jump back in, with mortgage rates now at their lowest level in more than a year and home prices softening across many major metro areas.

“At the start of 2025, the 30-year fixed-rate mortgage surpassed 7%, while today it hovers nearly a full percentage point

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