The average 30-year fixed mortgage rate has dropped by seven basis points to 6.23%, according to Freddie Mac. This comes after a period of uncertainty surrounding the Federal Reserve's decision to reduce the federal funds rate. The U.S. is still at war with Iran, which was a major factor in driving up mortgage rates. However, there are signs that the war could end, and this gives investors hope. Other factors contributing to this decline include softer Treasury yields, a cooling economy, and improving inflation. Experts suggest that if mortgage rates continue to fall, it will be gradual. Homebuyers have several options to lower their mortgage rates, including discount points or a buydown.