U.S. mortgage rates have dipped below 6.5% for the first time since March, offering a modest boost to homebuyers after months of elevated borrowing costs. The average rate on a 30-year fixed mortgage fell to 6.49%, according to Reuters, as bond yields eased and markets priced in a more cautious Federal Reserve outlook.

The decline may give some buyers and refinancers a short-term opening, especially in markets where high monthly payments have kept many households on the sidelines. Still, affordability remains strained compared with the low-rate environment that fueled the housing market earlier in the decade.

Analysts note that mortgage rates remain sensitive to shifts in inflation data, Treasury yields, and central bank signals. While the drop is encouraging, it does not by itself resolve broader housing challenges, including high home prices and limited inventory in many parts of the country.