Average rate on a 30-year mortgage eases to 6.46%, the lowest level in 15 months

AP Business Writer

The average rate on a 30-year mortgage eased this week to its lowest level in 15 months. That’s welcome relief for home shoppers navigating a housing market that remains out of reach for many Americans. Mortgage buyer Freddie Mac said Thursday that the rate fell to 6.46% from 6.49% last week. A year ago, the rate averaged 7.23%. Mortgage rates are expected to keep trending lower overall this year. That’s due to signs of waning inflation and a cooling job market that have raised expectations that the Federal Reserve will cut its benchmark interest rate next month for the first time in four years.