30-Year Fixed Mortgage Rate Drops by 37 Basis Points Year-Over-Year

The average 30-year fixed mortgage rate dropped to 6.48%, down 37 basis points from last year, improving affordability for homebuyers. This decrease can save nearly $98 monthly on a $400,000 loan, totaling over $35,000 in interest savings over 30 years. The 15-year fixed rate also declined to 5.79%. Rising incomes outpacing home prices and stabilizing inflation support this positive trend, making homeownership more accessible.