FX.co ★ US Mortgage Rates Lowest Since October 2024: MBA

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) in the United States experienced a notable decrease, reaching 6.49% in the week ending September 5, 2025. This marks the lowest level since October 2024, following a previous rate of 6.64%. The reduction is attributed to a decline in Treasury yields, spurred by a weaker-than-expected jobs report, which has led to heightened expectations that the Federal Reserve may resume interest rate cuts this month. "Mortgage rates fell for the second consecutive week as Treasury yields dropped in response to data suggesting a softening labor market. This decrease in rates encouraged the most robust borrower demand seen since 2022, with an increase in both purchase and refinance applications," stated Joel Kan, an economist with the Mortgage Bankers Association (MBA).