US 30-Year Mortgage Rate Drops to 6.78%

The average rate on a 30-year mortgage in the U.S. decreased slightly to 6.78% from 6.79%, ending a six-week increase, according to Freddie Mac. This rate is lower than the 7.4% average from a year ago. The 15-year fixed-rate mortgage also saw a slight decrease to 5.99%. Mortgage rates are influenced by the yield on U.S. 10-year Treasury bonds, which have been rising due to positive economic and inflation reports. Despite recent fluctuations, economists expect mortgage rates to remain volatile but hover around 6% in 2025. High rates and prices have contributed to a prolonged sales slump in the U.S. housing market.