Mortgage rates have been heading down , and now they’re even lower.

The weekly average for a 30-year fixed-rate mortgage fell to 6.35% Thursday, the Federal Home Loan Mortgage Corporation better known as Freddie Mac reported. That’s a drop of 0.15 percentage points from the week ending Sept. 4, the largest in the past year.

Mortgage News Daily posted a 6.29% rate for the same type of mortgage on Friday. Even though that’s a 0.02 percentage point increase from Thursday’s daily index, rates haven’t been that low since October 2024.

But Americans don’t appear to be rushing to buy new homes. Pending home sales increased just 1.1% year over year for the four weeks ending on Sept. 7, Redfin said, the smallest increase in two months,

“Lower Mortgage Rates Trim Hundreds Off Monthly Paymen

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