The average 30-year fixed mortgage rate fell to 6.06 percent this week, down from 6.16 percent last week and the lowest level since September 2022, according to Freddie Mac. A year ago, the 30-year fixed rate averaged 7.04 percent.

Mortgage rates dropped markedly at the end of last week, causing a huge jump in demand to refinance and a smaller surge in demand from homebuyers.

MCLEAN, Va. -- The average long-term U.S. mortgage rate is now down to its lowest level in more than three years. The benchmark 30-year fixed rate mortgage rate eased to 6.06% this week, down from 6.16% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 7.04%.

While President Trump’s recent order could persuade lenders to issue more mortgages at lower interest rates, the effects could be small and short-lived.

Auto loans can be a huge expense — the average American with a new car paid $748 per month, while the owner of a used car paid $532 per month in the third quarter of 2025, according to Experian. Alongside rising auto insurance premiums, the costs of owning a car have ballooned.