(Telestock) – The 30-year fixed rate mortgage averaged 6.47% in the United States this week. The announcement was made by Freddie Mac, a private, government-backed company that specializes in issuing mortgages and reselling them on the secondary market.
“Mortgage rates plummeted this week to lowest level in over a year “following a likely overreaction to a less-than-favorable jobs report and financial market turmoil for an economy that remains on solid footing,” said Sam Khater, chief economist at Freddie Mac.
“The fall in mortgage rates increases the purchasing power of potential home buyers and should start to pique their interest in making a move,” he added. “Furthermore, this drop in rates is already providing some existing homeowners with the opportunity to refinance, with the refinance share of market mortgage applications reaching nearly 42%, the highest since March 2022.”
Breaking down into the details, the 30-year fixed-rate mortgage averaged 6.47% as of August 8, 2024, down from last week, when it averaged 6.73%; a year ago, at this time, it averaged 6.96%. The 15 years was averaging 5.63%, down from last week, when it averaged 5.99%; this time last year, it averaged 6.34%.