Mortgage rates drop to lowest level in over a year as buyers regain leverage

Mortgage rates dropped this week to their lowest level in more than a year, mortgage buyer Freddie Mac said Thursday.Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage decreased to 6.19% from last week's reading of 6.27%. The average rate on a 30-year loan was 6.54% a year ago."At the start of 2025, the 30-year fixed-rate mortgage surpassed 7%, while today it hovers nearly a full percentage point lower," said Sam Khater, Freddie Mac’s chief economist. "This dynamic has kept refinancings high, accounting for mo