Average long-term US mortgage rates holds at 6.35% this week ahead of expected Fed rate cut

The average rate on a 30-year mortgage in the U.S. was flat this week ahead of an expected interest rate cut from the Federal Reserve later this month. Mortgage buyer Freddie Mac said Thursday that the rate remained at 6.35% from last week. A year ago, the rate averaged 7.12%. Before last week, the last time the average rate was this low was May 11, 2023. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance to a lower rate, eased a little this week. The average rate fell to 5.47% from 5.51% last week. A year ago, it averaged 6.52%.