Average US long-term mortgage rate falls to 6.19%, near its low for the year

Mortgage Rate Trends - The average rate on a 30-year U.S. mortgage decreased to 6.19% from 6.23% last week, marking the lowest level since October 30, when it was 6.17% [1] - The average rate on 15-year fixed-rate mortgages also fell to 5.44% from 5.51% last week, down from 5.96% a year ago [2] Influencing Factors - Mortgage rates are influenced by the Federal Reserve's interest rate policies, bond market expectations for the economy and inflation, and generally follow the 10-year Treasury yield, which was at 4.1% [3] - The decline in mortgage rates enhances homebuyers' purchasing power [3] Market Impact - Easing mortgage rates contributed to an increase in sales of previously occupied U.S. homes in October for the fourth consecutive month, although affordability remains a challenge for many potential buyers [4] - Economic growth appears solid, but sluggish hiring and a rising unemployment rate are causing uncertainty among potential homebuyers [4] Federal Reserve Actions - Mortgage rates began to decline following the Federal Reserve's decision to cut its main interest rate in September, with another cut in October expected [5] - The central bank does not directly set mortgage rates, and cuts in short-term rates do not guarantee a decline in home loan rates [6]