The average 30-year fixed mortgage rate in the US decreased slightly from 6.34% last week to 6.30%, according to Freddie Mac.

This rate is nearly unchanged compared to 6.32% a year ago, indicating persistent elevated borrowing costs.

Driving the news: The Federal Reserve’s recent interest rate cuts amid a stagnant labor market have contributed to easing mortgage rates.

The big picture: The labor market remains characterized by low layoffs but weak hiring, adding to economic uncertainty. • Homeowners are using the lower rates primarily to refinance existing loans rather than buy new homes. • Prospective homebuyers are largely staying on the sidelines, wary of entering the market amid unclear economic conditions. • Redfin reports that homes are taking longer to sell; the typical hom

See Full Page