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3d ago

U.S. Mortgage Rates Fall to 6.35%, Biggest Weekly Drop in a Year

Investor bets on a near-term Fed cut following weak job gains pushed mortgage pricing to the lowest since last October.

Mortgage rates fell to the lowest level since October 2024, according to data released Thursday by Freddie Mac.
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Overview

  • Freddie Mac reported the 30-year fixed average at 6.35% for the week ending Sept. 11, down from 6.50% and the lowest since October 2024; the 15-year fell to 5.5%.
  • Mortgage demand jumped to a multi‑year high, with total applications up 9.2% and refinance activity up 12%, making up roughly 49% of volume, according to the MBA.
  • Weak labor data, including just 22,000 jobs added in August, helped pull 10‑year Treasury yields lower as markets largely price in a quarter‑point Fed cut next week.
  • Government‑backed borrowing costs dipped below 6%, with FHA at 5.97% and VA at 5.99% on Mortgage News Daily’s tracker, broadening options for some borrowers.
  • Most homeowners still hold sub‑6% loans, limiting listings and tempering a broader rebound, and daily trackers showed a slight end‑week uptick even as levels remain near yearly lows.