Every Thursday, Freddie Mac, a government-sponsored buyer of mortgage loans, publishes a weekly average of 30-year mortgage rates. Last week's reading edged 4 basis points lower to 6.85%. Last September, the average sank as far as 6.08%. But back in October 2023, Freddie Mac's average saw a historic rise, surging to a 23-year peak of 7.79%.

Though mortgage rates could see some volatility, many economists expect them to stay somewhat flat until there's a drastic change in the economic picture. Rates will stay in the 6.75% to 7.25% range unless the Fed signals multiple cuts soon and backs it up with data,

Even with the 4 basis point drop, the 30-year fixed rate mortgage remained at levels last seen in February as the Spring homebuying season reaches its climax.