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. |
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