The interest rate on 30-year fixed-rate mortgages in the US has been steadily declining for the past nine weeks, reaching its lowest point since May. The Federal Reserve's decision to keep interest rates steady and the expectation of further rate cuts in the coming year have contributed to this trend. The decline in mortgage rates is expected to increase homebuyer affordability and stimulate demand in the housing market. Borrowers are advised to shop around for the best rates and monitor their credit scores to secure favorable loans.