Mortgage Rates Drop to 15-Month Low

Mortgage rates fell to the lowest level in more than a year, raising hopes for relief in the battered U.S. housing market.

The average rate on the standard 30-year fixed mortgage fell around a quarter percentage point to 6.47%, according to a survey of lenders released Thursday by mortgage-finance giant Freddie Mac, a low not seen since May 2023 and the sharpest weekly decline in around nine months.