Washington: The average interest rate for a 30-year mortgage in the US declined to 6.09% last week, marking its lowest level since September 2022. The total mortgage applications increased by 0.4% at the week ending on Jan. 20, compared to the previous week.

According to Anadolu Agency, during the same period, applications for home purchases fell by 5%, while refinancing applications climbed 4%. The average interest rate for a 30-year mortgage dropped from 6.17% to 6.09%.

Meanwhile, the average rate for a 15-year mortgage edged down from 5.50% to 5.48%. Joel Kan, vice president of the Mortgage Bankers Association (MBA), noted that mortgage rates declined last week in line with Treasury yields, adding that the average 30-year mortgage rate has reached its lowest point since September 2022.