Key Takeaways Rates dropped to 6.29% for the 30-year, fixed-rate mortgage, the lowest rate measured by the Mortgage Brokers Association (MBA) since February 2023.Mortgage rates are down nearly three-quarters of a percentage point since July.

Applications for mortgages inched up as mortgage rates fell for the sixth week in a row. The 30-year fell to the lowest level since February 2023 ahead of a highly anticipated rate cut by the Federal Reserve next week.

US mortgage rates slid last week to the lowest level since February 2023, emboldening homebuyers and spurring a pickup in refinancing applications in welcome news for the real estate market.

Mortgage rates keep falling—with both the 30-year and 15-year fixed-rate averages dropping again to notch their cheapest levels in 19 months.