Average rate on a 30-year mortgage falls to 6.09%, lowest level since early February 2023

The average rate on a 30-year mortgage in the U.S. edged closer to 6% this week to its lowest level since early February 2023.

The rate fell to 6.09% from 6.20% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.19%.

The last time the average rate was this low was on February 2, 2023.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week. The average rate fell to 5.15% from 5.27% last week. A year ago, it averaged 6.54%, Freddie Mac said.