US home loans ease: Average 30-year mortgage rate drops to 6.3%; borrowing costs at lowest level in a year

US average long-term mortgage rates have dropped to 6.3%, their lowest in a year, with 30-year fixed loans falling to 6.3% and 15-year fixed loans to 5.53%. This decline follows the Federal Reserve's recent interest rate cut, though experts caution that mortgage rates may not continue to fall even with further Fed action.