FX.co ★ US Mortgage Rates Continue to Fall: MBA

In the week ending September 12, 2025, the average contract interest rate for 30-year fixed-rate mortgages in the United States, applicable to conforming loan balances of $806,500 or less, experienced a significant decline, reaching 6.39%. This marks a new low since October 2024, dropping from the previous week's rate of 6.49%, as reported by the Mortgage Bankers Association. This marks the third consecutive week of declining mortgage rates, which is aligned with the decreasing Treasury yields. The backdrop to this decline is investor speculation that the Federal Reserve will recommence interest rate cuts in September. Consequently, there has been a remarkable surge in mortgage activity, with overall mortgage applications increasing by 29.7% and refinancing applications skyrocketing by 58%.