US Long-Term Mortgage Rate Drops to 6.48%, Lowest in Nine Months

Recent data shows the average US long‑term mortgage rate fell to 6.48%. This marks a retreat from its peak level reached nine months ago. The decline offers modest relief to borrowers seeking new loans. Mortgage lenders attribute the shift to easing inflation expectations. Housing market analysts note the rate drop could stimulate demand. However, rates remain above historic lows, limiting broader impact. Policymakers will watch the trend as part of broader economic assessments. The next months will indicate if the downward movement continues.