Mortgage rates for September 19, 2024, remain near 5.60%, according to Zillow data. The Fed slashed rates this week, helping mortgage rates stay low after dropping earlier this month. Because the Fed is likely to cut rates further,

The average rate on a 30-year mortgage in the U.S. edged closer to 6% this week to its lowest level since early February 2023. The rate fell to 6.09% from 6.20% last week, mortgage buyer Freddie Mac said Thursday.

Mortgage rates continued to decline this week, taking a little more pressure off America’s tight housing market as the Federal Reserve ramps up its efforts to keep the economy on an even keel.

Mortgage rates declined to their lowest level since February 2023 after the Federal Reserve instituted a significant interest rate cut. In the past week, the standard 30-year, fixed-rate mortgage averaged 6.

After plummeting earlier this week to their lowest levels since early 2023, refinance rates on 30-year, 20-year, and 15-year mortgages have all jumped higher.