Fixed-Rate Mortgages Trend Lower in the Week Ending August 1st
Mortgage Rates Dip to Lowest Level Since February
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending Thursday, August 1st.
The 30-year fixed-rate mortgage averaged 6.73%, down from last week when it averaged 6.78%. A year ago at this time, the 30-year rate averaged 6.90%.
The 15-year fixed-rate mortgage averaged 5.99%, down from last week when it averaged 6.07%. A year ago at this time, the 15-year rate averaged 6.25%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates declined to their lowest level since early February. 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.”
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