US mortgage rates fall to lowest level in over a year

Mortgage rates in the US fell this week to their lowest level in more than a year, signaling a potential rebound in the housing market.

According to data released Thursday by Freddie Mac, the average 30-year fixed mortgage rate declined to 6.19%, down from 6.27% the previous week and 6.54% a year earlier.

Meanwhile, the 15-year fixed rate, commonly used for refinancing, dropped to 5.44% from 5.52% week-on-week.

This marks the third consecutive weekly decline in mortgage rates, reflecting a gradual fall in 10-year Treasury yields, which serve as a key benchmark for mortgage pricing.