US EditionAverage 30-year mortgage falls to lowest rate in more than a year
Federal Reserve rate cuts in September and October lowered the 30-year fixed mortgage rate to 6.01%, the lowest in over a year, aiding potential refinancing for homeowners.
- In the week ending Oct. 30, the average 30-year fixed mortgage fell five basis points to 6.01% APR, the lowest since the week of Sept. 19, 2024.
- In recent months the central bank has U-turned from inflation-fighting to unemployment-fighting mode, with Fed policymakers cutting the overnight federal funds rate twice this year, including Oct. 29, to a 3.75% to 4% range.
- Market indicators showed the benchmark U.S. 10-year Treasury note yield rose about 2.3 basis points to 4.095%, while Freddie Mac reported the 15-year fixed mortgage at 5.41% and the 30-year benchmark rate declined to 6.17%.
- For homeowners considering refinancing, monthly payments would be about $230 lower on a $350,000 mortgage, saving more than $80,000, though the refi window could close as rates remain unpredictable.
- Looking ahead to Dec.
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11 Articles
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The average rate on a 30-year U.S. mortgage fell for the fourth week in a row to its lowest level in more than a year. Lower mortgage rates boost homebuyers’ purchasing power. They also benefit homeowners eager to refinance their current home loan to a more attractive rate. The average long-term…
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