Mortgage Rates Drop To Lowest Level In Six Months

(RTTNews) - Mortgage rates, or interest rates on home loans, dropped to their lowest level since early February, according to mortgage provider Freddie Mac (FMCC.OB).

The 30-year FRM averaged 6.73 percent as of Augus 1, 2024, down from last week when it averaged 6.78 percent. A year ago at this time, the 30-year FRM averaged 6.90 percent.

The 15-year FRM averaged 5.99 percent, down from last week when it averaged 6.07 percent. A year ago at this time, the 15-year FRM averaged 6.25 percent.

"Mortgage rates declined to their lowest level since early February," said Sam Khater, Freddie Mac's Chief Economist. "Expectations of a Fed rate cut coupled with signs of cooling inflation bode well for the market, but apprehension in consumer confidence may prevent an immediate uptick as affordability challenges remain top of mind. Despite this, a recent moderation in home price growth and increases in housing inventory are a welcoming sign for potential homebuyers."