Mortgage Rates Decrease To Lowest Level In Over A Year

Aug 08, 2024

Staff Writer

The 30-year fixed-rate mortgage averaged 6.47%, down from last week's 6.73%.

Freddie Mac today released the results of its Primary Mortgage Market Survey, showing the 30-year fixed-rate mortgage averaged 6.47%. Today's rates mark the lowest level in a year.

That's down from last week when it averaged 6.73%. A year ago at this time, the 30-year FRM averaged 6.96%.

“Mortgage rates plunged this week to their lowest level in over a year following the likely overreaction to a less than favorable employment report and financial market turbulence for an economy that remains on solid footing," said Freddie Mac's Chief Economist, Sam Khater. "The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move. Additionally, this drop in rates is already providing some existing homeowners the opportunity to refinance, with the refinance share of market mortgage applications reaching nearly 42%, the highest since March 2022.”

The 15-year FRM averaged 5.63%, down from last week when it averaged 5.99%. A year ago at this time, the 15-year FRM averaged 6.34%.

Freddie Mac

Mortgage Rates

About the author

Sarah Wolak

Staff Writer

Sarah Wolak is a staff writer at NMP.

Link copied

Published

Aug 08, 2024

Courts

Six MLSs Sue Compass In Listing Fight With Stakes For Purchase Lenders

The dispute over publicly marketed homes comes amid a Compass–Rocket alliance linking home search, buyer inquiries, and financing offers

Six multiple listing services have sued Compass over its demands that they stop penalizing agents who publicly market homes without sharing the listings through the MLS, escalating a dispute over who gets access to for-sale inventory and when.The lawsuit, filed Oct. 21 in th...

Military Lending

More Buyers Expect Higher Rates. Fewer Would Wait.

Veterans United’s survey finds less willingness to hold out for lower rates, but little change in purchase timelines

Prospective homebuyers are growing more pessimistic about interest rates, and less inclined to wait for relief.In Veterans United Home Loans’ latest survey, 57% expect interest rates to rise over the next year, up from 45% a year earlier. Yet the share who would consider wai...

Feb

Palm Springs, CA

More from

Analysis and Data

More Buyers Expect Higher Rates. Fewer Would Wait.

Veterans United’s survey finds less willingness to hold out for lower rates, but little change in purchase timelines

Military Lending

Oct 22, 2026

Mortgage Rate Lock-In: More High-Rate Loans, Few Signs Of A Thaw

With 30-year rates above 7% and nearly half of outstanding loans below 4%, originators face a stubborn obstacle to rebuilding repeat-buyer pipelines

Analysis and Data

Oct 22, 2026

Investor Homebuying Slows, Small Buyers Claim Biggest Share In 15 Years

Smaller investors accounted for 66.2% of investor purchases in the first half of 2026 and relied on cash much less often than mega-investors

Analysis and Data

Oct 22, 2026

California Home Sales Drop 6.5%, Prices Keep Climbing

September’s decline leaves originators competing for fewer purchases, while rising borrowing costs and limited new listings keep affordability under pressure

Analysis and Data

Oct 20, 2026

One In Three Americans Blame Lenders For Housing Crisis Ahead Of Midterms

Voters want lower taxes, insurance costs, and mortgage rates, but 63% doubt the election will improve housing

Analysis and Data

Oct 20, 2026

Rates Above 7% Shrink Buyer Budgets In Loosening Housing Market

Realtor.com finds 66 of 99 metros favor buyers or are moving that way, while rising financing costs have cut borrowing capacity 7.2% since late August for a fixed monthly payment

Analysis and Data

Oct 19, 2026

Popular