The rate fell to 6.46 percent from 6.49 percent last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.23 percent. Five years ago, it was 3.55 percent, according to the Federal Reserve Bank of St Louis.
The average rate is now the lowest it’s been since mid-May last year, when Mortgage rates are expected to continue trending lower overall this year, as signs of waning inflation and a cooling job market have raised expectations that the Federal Reserve will cut its benchmark interest rate at its policy meeting next month, which would be the first such easing in four years.
