U.S. mortgage rates have experienced a decline over several weeks, reaching their lowest levels since early April 2025. The average long-term 30-year fixed mortgage rate fell to approximately 6.67%, marking a five-week downward trend. Similarly, 15-year mortgage rates decreased to around 5.80%. This decline represents a drop from rates observed a year prior, when the 30-year rate was about 6.95% and the 15-year rate was near 6.25%. However, this downward trend ended in mid-July when rates slightly increased to 6.72%, according to data from Freddie Mac and other sources. The recent fluctuations in mortgage rates are closely linked to movements in bond yields, with market observers noting that rates remain above the long-run average spread. The easing of mortgage rates is expected to provide some relief to prospective homebuyers and those looking to refinance, potentially supporting the real estate market amid current challenges.