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WASHINGTON — The average rate on a 30-year mortgage in the U.S. fell this week to its lowest level in 19 months, reflecting a pullback in Treasury yields ahead of an expected interest rate cut from the Federal Reserve next week.
The rate fell to 6.20% this week from 6.35% last week, mortgage buyer Freddie Mac said Thursday.
A year ago, the rate averaged 7.18%. That's good news for prospective homebuyers facing home prices near all-time highs.
Mortgage rates are expected to keep trending lower overall this year.
That's due to signs of waning inflation and a cooling job market, which have raised expectations that the Fed will cut its benchmark interest rate next week for the first time in four years.
