Mortgage Rates Continue To Drop

(RTTNews) - Mortgage rates, or interest rates on home loans, slipped again this week due to expectations of Fed rate cut, according to mortgage provider Freddie Mac (FMCC.OB).

The 30-year FRM averaged 6.35 percent as of August 29, 2024, down from last week when it averaged 6.46 percent. A year ago at this time, the 30-year FRM averaged 7.18 percent.

The 15-year FRM averaged 5.51 percent, down from last week when it averaged 5.62 percent. A year ago, the 15-year FRM averaged 6.55 percent.

"Mortgage rates fell again this week due to expectations of a Fed rate cut," said Sam Khater, Freddie Mac's Chief Economist. "Rates are expected to continue their decline and while potential homebuyers are watching closely, a rebound in purchase activity remains elusive until we see further declines."