US Mortgage Rates Drop to 6.17%, Lowest Since Early October 2024

Mortgage rates in the US fell for a fourth week, inching closer to 6% even as economic uncertainty is keeping buyers pinned to the sidelines.

The average for 30-year, fixed loans was 6.17%, down from 6.19% last week and still the lowest level since early October 2024, data from Freddie Mac show.

Rates fell following the Federal Reserve’s widely-anticipated quarter-point reduction Wednesday. Chairman Jerome Powell also cautioned investors not to expect more cuts this year.

The drop in borrowing costs, along with a surging stock market, would typically predict a surge in demand, and economists had expected to see ...