Mortgage rates dropped to their lowest level in 11 months as the 30-year fixed-rate mortgage averaged 6.5% for the week ending Sept. 4, according to Market Watch. The decline follows a fall in 10-year Treasury yields, which hit the lowest level since May as investors reacted to economic uncertainty and labor market weakness. Mortgage News Daily reported an even lower daily average of 6.45%. Housing affordability remains strained, with a $440,000 home at this rate requiring payments of about $2,780 per month, or 48% of a household earning $100,000. Agents said buyers remain cautious, but sellers are increasingly willing to negotiate.
