The 30-year fixed mortgage rate averaged 6.35% for the week ending September 11, down from 6.50% last week, according to data released Thursday by Freddie Mac. That’s the sharpest weekly drop in rates so far this year. Mortgage rates are finally sinking — and fast | CNN Business This represents the biggest one-week drop in a year Home mortgage demand surges as rates drop to 6.35% : NPR.
Current Rate Levels
Different sources are reporting slightly varying current rates:
- The average interest rate on a 30-year fixed mortgage stands at 6.35% ABC NewsCBS News according to Freddie Mac data
- 30 Yr. Fixed Rate 6.13% Mortgage Rates Move Back to Long-Term Lows according to Mortgage News Daily
- According to Zillow, the average 30-year fixed mortgage rate gained two basis points to 6.22% Mortgage and refinance interest rates today, September 10, 2025: A bump slightly higher
Market Response
The rate drop has sparked significant activity: Applications to refinance a home loan jumped 12% for the week and were 34% higher than the same week one year ago. Mortgage demand jumps to the highest level in three years, as interest rates drop sharply However, homebuyers grapple with a lack of affordability Mortgage rates see biggest one-day drop in over a year despite the improving rates.
Looking Ahead
Financial markets have preemptively priced in a Fed cut when policymakers meet Sept. 16-17 How does the Fed influence mortgage rates? Here’s what to know as policymakers consider trimming borrowing costs. – CBS News, which could influence mortgage rates further. The Federal Reserve meeting is happening today (September 16, 2025), so we may see additional movement in rates based on their decision.
This represents the most significant improvement in mortgage rates in over a year, bringing them to their lowest levels since late 2024.
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