The 30-year fixed-rate mortgage (FRM) averaged 6.73 percent as of August 1, 2024, down from last week when it averaged 6.78 percent, according to the Primary Mortgage Market Survey® by Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.90 percent.
“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 price growth and increases in housing inventory are a welcoming sign for potential homebuyers.”
The 15-year fixed-rate mortgage averaged 5.99 percent, down from last week when it averaged 6.07 percent. A year ago at this time, the 15-year FRM averaged 6.25 percent.
The PMMS® is focused on mortgage rates for conventional, conforming, fully-amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Borrowers may still pay closing costs which are not included in the survey.
