NEW YORK —

Mortgage rates have decreased in recent weeks, hitting their lowest levels since the start of the year. The average 30-year fixed mortgage rates from Freddie Mac, the government-sponsored resource for U.S. housing data, showed that mortgage rates dipped to 6.26% in September as the Federal Reserve lowered interest rates.

While mortgage rates have started to ease, they remain higher than pre-pandemic levels.

Mortgage rates are the interest you pay to borrow money to buy a home. Higher mortgage rates lead directly to higher monthly mortgage payments for homeowners because more interest accrues on the principal mortgage each month.

For example, if you bought a home for $330,000 with a down payment of 10%, and the 30-year mortgage rate this September was 6.26%, the principal a

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