The average rate on a 30-year U.S. mortgage fell again this week, slipping close to its low point so far this year.
The decline brings the average long-term mortgage rate to 6.19% from 6.23% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.69%.
This is the second straight weekly drop in the average rate after three straight increases. It’s now at the lowest level since Oct. 30, when it was at 6.17%, the lowest level in more than a year.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week. The rate averaged 5.44%, down from 5.51% last week. A year ago, it was 5.96%, Freddie Mac said.
Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.
The 10-year yield was at 4.1% at midday Thursday. That’s up from about 4% last Wednesday.
Declining mortgage rates boost homebuyers’ purchasing power.
Easing mortgage rates this fall helped lift sales of previously occupied U.S. homes in October on an annual basis for the fourth straight month.
Still, affordability remains a challenge for many aspiring homeowners after years of skyrocketing prices. Uncertainty over the economy and job market are also keeping many would-be buyers on the sidelines.
While U.S. economic growth appears solid, hiring is sluggish and the unemployment rate has ticked up.
Mortgage rates began declining this summer ahead of the Federal Reserve’s decision in September to cut its main interest rate for the first time in a year amid signs the labor market was slowing. The Fed lowered its key interest rate again in October, and the general expectation is now that the central bank will cut its main interest rate when its policymakers meet again next week.
"A December rate cut, which the market widely expects, could take further pressure off of mortgage rates as the year comes to a close, boosting buying power as the new year approaches,” said Hannah Jones, senior economic research analyst at Realtor.com.
The Fed doesn’t set mortgage rates, and even when it cuts its short-term rates that doesn’t necessarily mean rates on home loans will necessarily decline.
Last fall after the Fed cut its rate for the first time in more than four years, mortgage rates marched higher, eventually reaching just above 7% in January this year. At that time, the 10-year Treasury yield was climbing toward 5%.
Economists at Realtor.com, Zillow and Bright MLS generally forecast that the average rate on a 30-year mortgage will remain slightly above 6% next year.
FILE - A sign is posted for a new home for sale in Ambler, Pa., Thursday, Oct. 16, 2025. (AP Photo/Matt Rourke, File)
DENVER (AP) — Nikola Jokic recorded a 56-point triple-double and set an NBA record with 18 points in overtime, leading the Denver Nuggets to a 142-138 win over the Minnesota Timberwolves on Thursday night.
Jokic broke Stephen Curry’s record of 17 overtime points from 2016, making it the highest by any player in regular season or NBA playoffs.
Jokic added 16 rebounds and 15 assists and Jamal Murray scored 35 points as the Nuggets improved to 3-0 this season against the Wolves, who got 44 points from Anthony Edwards, only to see him get ejected in the extra period for arguing foul calls.
The Nuggets won despite being down three starters, including Cameron Johnson, who injured his right knee at Dallas on Tuesday night.
Edwards made good on his prediction for a big Christmas night performance, leading Minnesota back from a 15-point deficit in the final 5 1/2 minutes of regulation and hitting a twisting 3-pointer with 1.1 seconds left in regulation to tie it at 126-all.
Edwards added seven quick points as the Wolves opened the extra period on a 9-0 run, but as the Nuggets fought back, Edwards picked up two technical fouls and was ejected.
In the leadup to the game, Edwards told ESPN: “I’m gonna have 30 points for sure. I might have 40. But it’s gonna be a night.”
Was it ever.
For Jokic.
In the extra period, Jokic was 3 for 3 from the floor, including 2 for 2 from long range to go with a 10-for-11 performance at the foul line.
After blowing a 15-point lead in the fourth quarter, the Nuggets fell behind 124-115, but went on an 11-2 run to tie it at 126-all
The Nuggets are down three starters after Johnson hyperextended his right knee Tuesday night in Dallas. Johnson joined Aaron Gordon (hamstring) and Christian Braun (ankle) on the sideline for Denver.
With Johnson out, Tim Hardaway Jr. got the start and scored 19 points.
By the third quarter, Joker had his 179th career triple double, two shy of Oscar Roberton for second place in NBA history.
Timberwolves: Host the Brooklyn Nets on Saturday.
Nuggets: At Orlando on Saturday.
AP NBA: https://www.apnews.com/hub/NBA
Denver Nuggets center Nikola Jokić, front, dribbles past Minnesota Timberwolves center Julius Randle in the first half of an NBA basketball game, Thursday, Dec. 25, 2025, in Denver. (AP Photo/David Zalubowski)
Minnesota Timberwolves guard Anthony Edwards, front, drives past Denver Nuggets guard Jamal Murray in the first half of an NBA basketball game, Thursday, Dec. 25, 2025, in Denver. (AP Photo/David Zalubowski)
Denver Nuggets guard Jamal Murray grimaces after losing control of the ball in the first half of an NBA basketball game against the Minnesota Timberwolves, Thursday, Dec. 25, 2025, in Denver. (AP Photo/David Zalubowski)
Denver Nuggets center Nikola Jokić reacts after he was called for a foul against the Minnesota Timberwolves in the first half of an NBA basketball game Thursday, Dec. 25, 2025, in Denver. (AP Photo/David Zalubowski)
