Average US long-term mortgage rate falls to 6.48%, retreating from its highest level in 9 months

The average U.S. 30-year fixed mortgage rate fell to 6.48% this week, easing from a nine-month high of 6.53%, according to Freddie Mac. Rates remain below 6.85% from a year ago but are still above 6%, with recent increases linked to higher oil prices due to the war with Iran, which has elevated inflation and bond yields. The decline offers some relief to homebuyers but has not reversed a housing slump that began in 2022.