Average mortgage rates on a 30-year fixed loan fell below 6% for the first time since September, following the Fed's move to slightly cut rates.

Closing Bell

Avg. Fixed Mortgage Rate Falls Below 6% For First Time Since Sept.

After the Fed, it just kind of cool the jets a bit. Even though rates are still rising, we see other rates naturally as they would follow suit the average rate on the 30 year fixed mortgage, now below 6% for the first time since September mortgage News daily, putting that rate at 5.99% today. But for some context here, buyers purchasing a $400,000 home today, making a 20% down payment will pay nearly $300 less than they would have in october well, rates dropping off following the Fed's announcement and Fed chair Jerome Powell's acknowledgment that inflation is easing a bit, although it does remain elevated in the US as well.