As recently as January of 2025, the average interest rate on a 30-year fixed mortgage hit 7.04%, per the Federal Reserve Bank of St. Louis. Nine months later, mortgage rates have continually dropped, with an interest rate now resting at 6.35%. In fact, ABC News recently reported a one-week drop in September from 6.5% to 6.35%, which was the single biggest one-week drop in 2025. Read Next: Florida Home Prices Are Dropping Rapidly: Should You Buy While Prices Are Low? Learn More: 10 Used Cars That Will Last ...