30-Year US Mortgage Rate Falls to 15-Month Low
Mortgage Rates Decrease to Lowest Level in Over a Year
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending Thursday, August 8th.
The 30-year fixed-rate mortgage averaged 6.47%, down from last week when it averaged 6.73%. A year ago at this time, the 30-year rate averaged 6.96%.
The 15-year fixed-rate mortgage averaged 5.63%, down from last week when it averaged 5.99%. A year ago at this time, the 15-year rate averaged 6.34%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates plunged this week to their lowest level in over a year following the likely overreaction to a less than favorable employment report and financial market turbulence for an economy that remains on solid footing. The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move. Additionally, this drop in rates is already providing some existing homeowners the opportunity to refinance, with the refinance share of market mortgage applications reaching nearly 42%, the highest since March 2022.”
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