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You are here: Home / Blog / Market Trends

Mortgage rates dip to lowest level since February

August 1, 2024

Mortgage Interest Rates

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.

Filed Under: Market Trends Tagged With: Mortgage Interest Rates

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"All I can about Russ Fortuno is that he did a excellent job in the complete process of selling my home. I would recommend him to other people. He knows local knowledge and his process expertise was very good.He respond to all my question and kept me informed of any new items that came up. He did a excellent job in the negotiations with the buyer agent. I couldn’t have picked a better agent to handle the sell of my property. "
- D.F., Sahuarita AZ
"I can’t say enough about what an outstanding job Russ did for us! We decided to retire to AZ and after touring several areas in the state, we chose the Tucson area. I found Russ online and reached out to him to help us find our retirement neighborhood and home. Russ spent a day showing us all of the different neighborhoods in both Sahuarita and Green Valley that met our requirements and were within our budget. By the end of the day, we had chosen four neighborhoods. Russ then found four homes for sale in our chosen neighborhoods; two in our favorite! The next day, Russ took us to tour the four homes and by the end of the second day, we made an offer. We are relocating from Kentucky and Russ has been there for us every single step of the way. He has been invaluable in making this entire experience smooth and exciting for us! His service after the sale has been equally exemplary!"
- E. W., Sahuarita AZ
"Russ was very good to work with, patient with questions and showed me a number of properties. Russ was not pushy, always polite and showed me properties that fit with what I was looking for. It was a pleasure to work with Russ."
- J.K., Green Valley AZ
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
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