Mortgage interest rates just fell to their lowest point since October 2024. Here’s when they could fall again.
While a cut to the federal funds rate is more than a month away (if it even happens), homebuyers and owners looking to refinance woke up to welcome news Thursday when mortgage interest rates dropped to their lowest point since October 2024. The average 30-year mortgage loan rate is now 6.58%, according to FreddieMac data. That marked a five basis point decline week-over-week and is now the lowest mortgage rates have been since they were at the 6.54% mark the week of October 24, 2024. That rate was just weeks after the Federal Reserve issued a larger-than-expected 50 basis-point cut to its benchmark interest rate.
Still, 6.58% is far from what borrowers were accustomed to at the start of the decade, when rates here sat around 3% or lower for qualified borrowers. Even a decline below 6% would be welcome now, especially for homebuyers stuck on the sidelines and homeowners saddled with current rates above 7%. But, when could rates fall again? While predicting the future rate movement tied to any product is inherently difficult to do with precision, there are some dates on the calendar to pay attention to. Below, we’ll detail three upcoming ones in which mortgage rates could drop again.
Start by seeing how low of a mortgage rate you’d currently qualify for here.
