U.S. mortgage rates have fallen to a new low since October last year, but buyers are starting to bargain for bargains

Freddie Mac said Thursday that the average interest rate on a 30-year fixed loan in the United States last week was 6.19 percent, falling for the second straight week to reach its lowest level since the end of October last year. The previous week was 6.23 percent, and the one-year average was 6.69 percent a year ago. Home buying activity remained weak as economic pressures weighed on homebuyers. But some showed greater interest as interest rates fell to near 6 percent. Mortgage purchase applications rose 2.5 percent for the week ending Nov. 28, to the highest level since early 2023, according to the American Mortgage Bankers Association. Joel Kan, deputy chief economist at the association, said: "While house price growth has cooled and unsold inventories have increased, bringing some buyers back into the market, the results are mixed each week as the overall economic outlook remains uncertain."