Mortgage rates, or interest rates on home loans, have fallen to their lowest point since early February, as reported by mortgage provider Freddie Mac.
As of August 1, 2024, the average rate for a 30-year fixed-rate mortgage (FRM) stands at 6.73 percent, a slight decrease from last week’s 6.78 percent. Comparatively, the 30-year FRM was at 6.90 percent a year ago.
The 15-year fixed-rate mortgage is now averaging 5.99 percent, down from 6.07 percent last week. A year ago, the 15-year FRM was at 6.25 percent.
"Mortgage rates have declined to their lowest level since early February," stated Sam Khater, Freddie Mac's Chief Economist. "The prospect of a Federal Reserve rate cut, along with signs of easing inflation, is promising for the market. However, challenges in consumer confidence and affordability concerns might hinder an immediate boost in activity. Nevertheless, a recent slowdown in home price growth and an increase in housing inventory provide a positive outlook for potential homebuyers."
