The downward movement in mortgage rates over the past few months accelerated last week as a cooler-than-expected jobs report and indications of a Federal Reserve rate cut led to a steep drop in loan pricing.

At HousingWire‘s Mortgage Rates Center on Tuesday, the 30-year conventional loan rate averaged 6.8% — a new low point for 2024 that was just below the 6.83% figure to start the year. Rates have been above 7% for much of the past six months, contributing to a tepid spring and summer of home sales, but they have steadily decreased since peaking above details ⇒

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