Average rate on a 30-year mortgage slips to 6.08%, lowest level in 2 years

The average rate on a 30-year mortgage in the U.S. slipped to its lowest level in two years this week, boosting home shoppers' purchasing power as they navigate a housing market with prices near all-time highs.

The rate dipped to 6.08% from to 6.09% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.31%.

The last time the average rate was lower was on Sept. 15, 2022, when it was 6.02%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, increased slightly this week. The average rate rose to 5.16% from 5.15% last week. A year ago, it averaged 6.72%, Freddie Mac said.