The average rate on the 30-year fixed mortgage notched its biggest one-day drop in more than a year on Friday.
Although mortgage rates are now at their lowest level since October, the average rate for a 30-year, fixed-rate mortgage is still just around 6.29%, according to Mortgage News Daily — a big leap from the under 3% levels near the start of the pandemic.
But there are ways to get even better terms on a home loan, experts say.
Where mortgage rates stand
More signs point to an interest rate cut when the Federal Reserve meets on Sept. 17, which may offer a little more relief for would-be homebuyers.
Average fixed-rate mortgages in the U.S.
Both 15- and 30-year fixed rate mortgages hit historic lows in 2021 but spiked shortly thereafter.
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Author: Jessica Dickler
