The average rate on a 30-year U.S. mortgage fell this week to its lowest level in more than a year, extending a recent trend that’s helped give lagging U.S. home sales a boost.

The average long-term mortgage rate fell to 6.19% from 6.27% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.54%.

This is the third straight weekly decline and it brings the average rate to its lowest level since Oct. 3, 2024, when it was 6.12%.

Existing home sales rose 1.5% last month from August to a seasonally adjusted annual rate of 4.06 million units, the National Association of Realtors said Thursday. That’s the fastest sales pace since February.

At their September policy meeting, Fed officials forecast that the central bank would reduce its rate twice more this year an

See Full Page