The 30-year fixed-rate mortgage averaged 6.63% as of Aug. 7, down from last week when it averaged 6.72%, according to the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). A year ago at this time, it averaged 6.47%.
The 15-year fixed-rate mortgage averaged 5.75%, down from last week when it averaged 5.85%. A year ago at this time, it averaged 5.63%.
“The 30-year fixed-rate mortgage dropped to its lowest level since April,” said Sam Khater, Freddie Mac’s chief economist. “The decline in rates increases prospective homebuyers’ purchasing power and our research shows that buyers can save thousands by getting quotes from a few different lenders.”
Separately, – Fannie Mae (OTCQB: FNMA) today published the results of its July National Housing Survey, which includes the Home Purchase Sentiment Index (HPSI), a measure of consumer sentiment toward housing. For July, the HPSI increased 2.0 points month-over-month to 71.8. Year-over-year, the HPSI is up 0.3 points.
Not a huge reduction and rates were lower last year this time.
No, they were not Julie. They were the same. Do your research before you post
Yes they were Tristan, early August 2024 average 30 year fixed was 6.28
Either way mortgage interest should in down to at least 2% for 30 year mortgages! Homebuyers should be able to buy homes… No wonder many of our Americans are throwing in the towel and thinking Socialism way is better way to go.
It is deplorable that America used to believe –A Man’s Home was His Castle.
Lower the interest rate – open up the market to buyers and that will help reduce the high cost to rent as well.
AND – Americans can be dreamers again.
I am disgusted with Powell arrogance!!