US mortgage rates just hit their lowest level in three years—now sitting at 6.06%, down from 6.16% the week prior. That's the cheapest borrowing since September 2022.

What's driving the drop? The Trump administration's $200 billion push for Fannie Mae and Freddie Mac to load up on mortgage bonds is helping grease the wheels. Big policy moves like this tend to reshape credit conditions across the board. Lower mortgage rates can ripple through broader financial markets, affecting everything from consumer spending to asset valuation across different investment classes. Worth keeping an eye on how this unfolds in the coming weeks.