US 30-Year Mortgage Rate Drops the Most in a Year

2025-09-11 16:06 By Felipe Alarcon 1 min. read

The average rate on a 30-year fixed mortgage backed by Freddie Mac plunged by 15 bps from the previous week to 6.35% as of September 11th, their lowest level since early-October.

The decline aligned with plunging long-dated Treasury yields as mounting evidence of a slowing US labor market drove expectations for multiple rate cuts by the Fed this year.

“The 30-year fixed-rate mortgage fell 15 basis points from last week, the largest weekly drop in the past year.

Mortgage rates are headed in the right direction and homebuyers have noticed, as purchase applications reached the highest year-over-year growth rate in more than four years,” said Sam Khater, Freddie Mac’s chief economist.



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