U.S. mortgage rates have been falling, reaching their lowest levels since early 2023. The average 30-year fixed rate has decreased to around 5.69% to 6.32%, while the 15-year rate has dropped to between 4.98% and 5.57%. This decline is driven by expectations of a Federal Reserve interest rate cut at its upcoming meeting. Though the lower rates are starting to attract more mortgage applications, experts suggest it will take further decreases to significantly revive the housing market. Homebuyers and existing homeowners are advised to shop around and compare rates to secure the best deals. Analysts predict that if rates continue to drop below 6%, it could trigger increased market activity and competition among buyers.