U.S. Nationwide — After months of steady increases, mortgage rates are finally declining. According to Freddie Mac, the average 30-year fixed rate dropped to 6.3%, its lowest point since early 2024. The drop has led to a spike in homebuyer interest, especially among first-time buyers and millennials.
Realtors across the country report increased showings and bidding wars, particularly in suburban and Sun Belt markets. Experts warn, however, that housing inventory remains low, keeping prices elevated despite rate cuts.