National mortgage rate drops to lowest level in over a year

ORLANDO, Fla. — There is some encouraging news for people who are in the market for a home.

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Mortgage rates have dropped to their lowest level in over a year.

Financing giant Freddie Mac reports the average 30-year fixed rate is now at 6.49%.

Read: Orange County unveils program to increase housing

That’s down .03% from last week.

Officials said rates are now at the lowest level since May 2023.

Watch: Thousands of people applied for a public housing waitlist to find system overloaded

Federal Reserve Chair Jerome Powell has indicated the central bank may cut rates in September, with more details expected on Friday from an annual conference in Wyoming.

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