US mortgage rates fall to their lowest level since October last year

According to a report by Jinse Finance, U.S. mortgage rates have declined for the fourth consecutive week, reaching their lowest point since October of last year. Freddie Mac stated in a release that the average rate for a 30-year fixed mortgage is now 6.58%, down from 6.63% last week. A rate cut by the Federal Reserve does not guarantee a significant reduction in borrowing costs for homebuyers. These indicators often follow the movement of the 10-year U.S. Treasury yield, which is influenced by traders’ reactions to various economic reports. Zillow Home Loans senior economist Karla Wu noted, “Any further signs of tariffs filtering into prices could limit the Fed’s flexibility. The recent drop in mortgage rates may attract some buyers, but many remain on the sidelines as affordability continues to be a serious barrier. This year, the number of sellers returning to the market has outpaced buyers, but the reality they face is that homes for sale are slow to come to market, and the number of qualified buyers is also decreasing.”