US Mortgage Rates Slide to 6.32%, Boosting Purchase Activity

US mortgage rates fell last week to a one-month low, spurring home-purchase activity.

The contract rate on a 30-year mortgage dropped 8 basis points to 6.32% in the week ended Nov. 28, which included the Thanksgiving holiday, according to Mortgage Bankers Association data released Wednesday. The rate on a five-year adjustable mortgage declined to 5.4%, the lowest since May 2023.