Mortgage and Refinance Rates Drop to Six-Week Lows

National averages for 30-year fixed mortgage and refinance loans decline, reflecting easing economic pressures and recent Federal Reserve rate cuts.

The national average for 30-year fixed mortgage rates fell to 6.62%, marking a four-day decline and the lowest level since mid-October.
Refinance rates for 30-year fixed loans also dropped to 6.84%, their lowest point in over six weeks after a four-day decrease of 19 basis points.
State-level variations in rates persist, with the lowest averages for 30-year mortgages seen in states like New York and California, while states like Alaska and West Virginia report the highest averages.
The Federal Reserve's recent rate cuts, including a 0.25 percentage point reduction in November, have contributed to the downward trend in mortgage and refinance rates.
Borrowers are advised to compare rates across lenders, as rates can vary significantly based on credit scores, loan sizes, and state regulations.