US 30-year mortgage rates fall below 6 percent threshold

The average rate for a 30-year fixed mortgage in the United States has fallen below 6% for the first time in three and a half years, marking a significant psychological milestone for the housing market. Data released by FREDDIE MAC on Thursday showed the benchmark rate averaged 5.98%, a slight decrease from 6.01% the prior week and a sharp drop from the 6.76% seen during the same period last year.

This downward movement follows a decline in the 10-year U.S. Treasury yield, which mortgage rates typically track. The yield compression was triggered by a Supreme Court ruling that struck down sweeping tariffs previously enacted under national emergency laws. Although the administration quickly replaced these with a temporary 10% global tariff, later increased to 15%, the resulting market volatility led investors to seek the safety of government bonds.