Mortgage rates, or interest rates on home loans, have decreased from the previous week, according to mortgage provider Freddie Mac (FMCC.OB).
As of August 22, 2024, the 30-year fixed-rate mortgage (FRM) averaged 6.46 percent, down slightly from 6.49 percent the week before. In comparison, the 30-year FRM stood at 7.23 percent a year earlier.
The 15-year FRM averaged 5.62 percent, a marginal decline from 5.66 percent the previous week. This rate was 6.55 percent a year ago.
Freddie Mac's Chief Economist, Sam Khater, commented, "Although mortgage rates have remained relatively stable over the past few weeks, softer incoming economic data suggest rates will gently decline through the end of the year. Earlier this month, rates dipped and are now hovering just below 6.5 percent, which has not been sufficient to motivate potential homebuyers. We anticipate that rates will need to drop by another percentage point to stimulate buyer demand."
