US Mortgage Rates Fall for Second Week to Lowest Since October

Mortgage rates dropped for a second week, hitting the lowest level since late October.

The average for 30-year, fixed loans was 6.19%, down from 6.23% last week, Freddie Mac said Thursday in a statement. A year ago, the average was 6.69%.

Home purchase activity has remained weak as economic pressures weigh on buyers. But as rates have fallen closer to 6%, some are showing more interest. Mortgage applications for purchases climbed 2.5% in the week ended Nov. 28, according to data from the Mortgage Bankers Association. That was the highest level since early 2023.

“We continue to see mixed ...