Every Thursday, Freddie Mac, a government-sponsored buyer of mortgage loans, publishes a weekly average of 30-year mortgage rates. Last week's reading edged 4 basis points lower to 6.85%. Last September, the average sank as far as 6.08%. But back in October 2023, Freddie Mac's average saw a historic rise, surging to a 23-year peak of 7.79%.

The average rate on a 30-year U.S. mortgage fell modestly for the second straight week, but home borrowing costs remain elevated.

Most fixed-rate mortgages are tied to the five-year bond yield, which has been rocked by uncertainty with the U.S. tariffs.