30-year mortgage rate drops to lowest level in almost a year

Mortgage buyer Freddie Mac said the long-term rate fell to 6.35% from 6.5%. The average rate on a 30-year U.S. mortgage fell this week to its lowest level in nearly a year, reflecting a pullback in Treasury yields ahead of an expected interest rate cut from the Federal Reserve next week.The long-term rate eased to 6.35% from 6.5% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.2%.Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinan...