With mortgage rates as low as they have been in nearly a year, is now the time to buy a house?
The U.S. housing market has been sluggish for years as homeowners locked into mortgage rates below 6% have put off any moves to avoid paying the higher costs associated with the current rates.
"The housing market has been in a deep freeze for about three years," NBC senior business correspondent Christine Romans said on TODAY on Sept. 11. "Signs of thawing? Maybe. You’ve got these mortgage rates falling a bit here."
Here's what to know if you're thinking about buying a home in the current market.
What Is Happening with Mortgage Rates?
The rate for a 30-year fixed mortgage has dropped to 6.35%, while the rate for a 15-year fixed mortgage is 5.5%, which is the lowest since October 2024, according to data released by federal home lender Freddie Mac.
Financial experts say the rates have been dropping in anticipation that the Federal Reserve will cut its benchmark interest rate at its Federal Open Market Committee meeting next week.
Read more: https://www.today.com/money/mortgage-interest-rates-september-2025-rcna230782