Mortgage relief arrived this week as the average 30-year fixed rate fell to 6.19% from 6.27%, its lowest in more than a year, Freddie Mac said. Sam Khater noted the rate now sits nearly a full point below early 2025 levels above 7%. With most federal data paused by the government shutdown, the drop stands out, aided by markets treating an October Fed rate cut as near certain, economists said. Softer prices are helping too: the typical September sale closed 1.4% under asking, the biggest September discount since 2019, while existing-home sales posted their fastest rise in seven months.

Prepared by Christopher Adams and reviewed by editorial team.