US borrowing costs for homebuyers continued to ease, with Freddie Mac reporting the average 30-year fixed mortgage rate dropped to 6.58% for the week ended Aug. 14, its lowest level since Oct. 24, 2024. The decline marked a fourth straight weekly fall. The 15-year fixed rate slipped to 5.71% from 5.75% the prior week. Earlier in the week, Mortgage Bankers Association data showed the average contract rate on a 30-year loan fell 10 basis points to 6.67% in the period ended Aug. 8. The lower costs spurred a 10.9% jump in total mortgage applications, the largest rise in about two months. Refinancings led activity, surging 23% to the second-highest level since October, while applications to purchase homes edged up 1.4%. Although rates remain above 6%, the recent slide is offering some relief to homeowners looking to refinance and may coax additional buyers back into a housing market that has been subdued by elevated financing costs.