Mortgage rates fell to the lowest level of the year this week, mortgage buyer Freddie Mac said Thursday.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell to 6.58% from last week's reading of 6.63%.

The average rate on a 30-year loan was 6.49% a year ago.

"Mortgage rates fell to their lowest level since October," said Sam Khater, Freddie Mac’s chief economist. "Purchase application activity is improving as borrowers take advantage of the decline in mortgage rates."

The average rate on the 30-year fixed mortgage on Oct. 24, 2024, was 6.54%.

Meanwhile, the average rate on the 15-year fixed mortgage fell to 5.71% from last week's reading of 5.75%. One year ago, the rate on the 15-year fixed

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