US housing watch: 30-year mortgage rate slips to 6.17%; lowest in over a year as Fed cuts rates again

US mortgage rates have reached their lowest point in over a year, with the 30-year fixed rate dropping to 6.17%. This offers some relief to the housing market, which has been sluggish since rates rose above 6% in September 2022. While the Federal Reserve has cut its benchmark rate, future reductions remain uncertain, potentially impacting borrowing costs.