Mortgage rates declined to their lowest level since February 2023 after the Federal Reserve instituted a significant interest rate cut. In the past week, the standard 30-year, fixed-rate mortgage averaged 6.

Mortgage rates have fallen to the lowest level in more than a year and a half, new data showed Thursday. The figures represent loan rates in the past seven days. Most were offered before the [Federal

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their loans to a lower rate, also eased.

The average rate on a 30-year mortgage in the U.S. edged closer to 6% this week and is now at its lowest level since early February 2023

The average rate on a 30-year mortgage in the U.S. edged closer to 6% this week to its lowest level since early February 2023. The rate fell to 6.09% from 6.20% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.19%.