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.

Rising mortgage rates have helped dampen sales during what’s traditionally the peak period of the year for home sales.