US 30-Year Mortgage Rates Drop Below 6% to Lowest Level Since 2022

The average 30-year fixed mortgage rate in the US has fallen below 6%, reaching 5.99%, the lowest level since 2022. This decline, influenced by lower U.S. Treasury yields and expectations of slower economic growth and inflation, has reduced borrowing costs compared to last year's 6.89%. While lower rates may boost housing market activity by making home loans more affordable, high home prices and limited supply continue to constrain market growth. Future rate movements depend on economic data and Treasury yields.