Mortgage rates hit lowest level since Feb 2023

Mortgage rates dropped again this week, extending a months long decline fueled by expectations of a cut in interest rates by the Federal Reserve, which came into fruition on Wednesday.

The average rate on 30-year mortgages fell to 6.09 percent this week, Freddie Mac reported on Thursday. That was down from 6.2 percent a week earlier, reaching the lowest level since February 2023.

Rates have fallen about one percentage point over the past four months, and are significantly lower than their peak at nearly 7.8 percent late last year.