US mortgage rates hit 1-year low

Mortgage rates in the US declined last week, tracking a drop in Treasury yields amid expectations that the Federal Reserve will resume monetary easing.

The average 30-year fixed mortgage rate fell to 6.35%, down from 6.50% the previous week, marking its lowest level in a year, data released Thursday by Freddie Mac showed.

Mortgage rates are influenced by several factors, including Fed policy decisions and investor expectations regarding the economy and inflation.

Since late July, rates have been trending lower as expectations grow that the Fed will deliver its first rate cut of the year at next week’s policy meeting.