US 30-year fixed-rate mortgage falls to 6.09%

U.S. mortgage rates dropped to the lowest level in more than 1-1/2 years this week and could fall further after the Federal Reserve cut interest rates for the first time since 2020. The average rate on the popular 30-year fixed-rate mortgage fell to 6.09%, the lowest since February 2023, from 6.20% last week, mortgage finance agency Freddie Mac said in a statement on Thursday. The U.S. central bank on Wednesday cut its benchmark overnight interest rate by 50 basis points to the 4.75%-5.00% range.