US Mortgage Rates Fall for Second Week to Lowest Since October

The average 30-year fixed mortgage rate in the United States has declined for the second consecutive week, reaching 6.19%, the lowest level since October. (apnews.com) This trend reflects recent Federal Reserve rate cuts and bond market dynamics, particularly changes in the 10-year Treasury yield.

However, despite the rate decrease, high home prices and economic uncertainties continue to pose challenges for homebuyers. (reuters.com) Nevertheless, the recent rate drop has led to a modest rebound in home sales.

Looking ahead, the market anticipates that the Federal Reserve may cut rates again at its December meeting, potentially further lowering mortgage rates. (reuters.com) However, experts predict that, despite a slight decline, mortgage rates may remain above 6% throughout 2026. (apnews.com)

Overall, while the recent drop in mortgage rates provides some relief to homebuyers, high home prices and economic uncertainties remain significant challenges in the market.