After jumping for two days, 30-year mortgage rates have now followed that with a two-day decline. Rates have retreated for many other loan types as well.

Jessica Lautz, NAR's deputy chief economist, said in a recent statement that homebuyers should stop focusing so much on mortgage rates: "Regardless the reason, homebuyers waiting on the sidelines for rates to drop will likely be waiting a long time."

Mortgage rates have fallen slightly, with the 30-year fixed rate dropping to 6.85%, offering a modest reprieve to homebuyers facing affordability challenges in an uncertain economi

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%.

Whether or not today's drop in rates is meaningful depends on one's perspective, but in the context of recent rate movement, it's definitely noticeable.  The simplest way to think about the improvement is as follows: the average lender is now about an eighth of a percent lower in just over a week.

The average rate on a 30-year U.S. mortgage fell modestly for the second straight week, but home borrowing costs remain elevated. The long-term rate inched back to 6.84% from 6.85% last week,

Mortgage rates in the US fell for a second straight week.

After declining for a fourth day, the 30-year mortgage rate average has reached a 6-week low of 6.87%. Rates for most other mortgage types also declined. Since rates vary widely across lenders, it's always smart to shop around for your best mortgage rate and compare rates regularly,

See today's average mortgage rates for a 30-year fixed mortgage, 15-year fixed, jumbo loans, refinance rates and more — including up-to-date rate news.