Mortgage rates near 3-year low ahead of Fed rate

(NewsNation) — Mortgage rates have fallen to their lowest level in more than a year ahead of this week's Federal Reserve rate decision.

The average rate on a 30-year mortgage slipped to 6.19% last week, according to Freddie Mac — down from 6.27% a week earlier and near levels last seen in early October 2024. The latest weekly average is the best rate for borrowers in three years outside brief dips in fall 2024 and early 2023.

"At the start of 2025, the 30-year fixed-rate mortgage surpassed 7%, while today it hovers nearly a full percentage point lower," Sam Khater, Freddie Mac’s chief economist, said in a statement.

Khater added: "This dynamic has kept refinancings high, accounting for more than half of all mortgage activity for the sixth consecutive week."

The third straight weekly de