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.

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Aug 08, 2024

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