Mortgage rates declined once more this past week, as the 30-year fixed rate dipped to 6.20 percent, based on Bankrate’s most recent survey of lenders.

This key mortgage figure hasn’t been this low since September 2022, and experts predict the downward movement may persist.

During its meeting this past week, the Federal Reserve revealed a rate cut that exceeded expectations, marking its first reduction since the pandemic.

“It was a coin flip on whether it was going to be 25 or 50 basis points,” said Bill Banfield, chief business officer at Rocket Companies. “They gave us a little extra.”

{Matzav.com}