Average rate on a 30-year mortgage falls to 6.47%, lowest level in more than a year

The average rate on a 30-year mortgage fell this week to its lowest level in more than a year. That's a welcome affordability boost for prospective homebuyers and homeowners looking to refinance their home loan to a lower rate. Mortgage buyer Freddie Mac said Thursday that the rate fell to 6.47% from 6.73% last week. A year ago, the rate averaged 6.96%. After jumping to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage has mostly hovered around 7% this year — more than double what it was just three years ago. The elevated mortgage rates have discouraged home shoppers, extending the nation’s housing slump into its third year.