FX.co ★ US Mortgage Rates Fall Again: MBA

In the week ending September 19th, 2025, the US saw a decline in the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances (up to $806,500). The rate dropped to 6.34%, the lowest level since September 2024, from 6.39% the prior week, as reported by the Mortgage Bankers Association. This marks the fourth consecutive week of declining mortgage rates, in alignment with decreasing Treasury yields. This movement follows the Federal Reserve's anticipated decision to cut the federal funds rate by 25 basis points, with an indication of an additional 50 basis points reduction within the year. "Although interest rates have generally risen since last week's Federal Open Market Committee meeting, they remain within a range conducive to increased refinancing activity. Refinancing volume has risen further over the past week and is now 80% higher than it was four weeks ago, making up over 60% of all application activity," stated Mike Fratantoni, Senior Vice President and Chief Economist at the MBA.