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Mortgage Rates Drop to 6-Month Low

The 30-year fixed-rate mortgage averaged 6.73% as of Aug. 1.

By Phil HallAugust 1, 2024

Inflation and rate falling concept with red arrow and one hundred American dollar bill

Mortgage rates dipped to a six-month low in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.73% as of Aug. 1, down from last week when it averaged 6.78%. A year ago at this time, it 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, it averaged 6.25%.

“Mortgage rates declined to their lowest level since early February,” said Sam Khater, Freddie Mac’s chief economist. “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