Mortgage rates decreased slightly this week, with the average rate on a 30-year fixed mortgage now at 6.21%, down from 6.22% last week and 6.72% a year ago. The 15-year fixed mortgage rate also fell to 5.47% from 5.54% last week. The Federal Reserve recently lowered the benchmark interest rate to 3.5% to 3.75%. Mortgage rates are closely tied to the 10-year Treasury yield, which is around 4.12%. Homebuyers have more options with eased mortgage rates in the low-6% range and increased inventory, while renters are benefiting from falling rents for the 28th consecutive month.

Read more at Yahoo Finance: Mortgage rates slip, sticking near 2025 lows