U.S. 30-year fixed-rate mortgage (FRM) averaged 6.35% as of August 29, 2024, down from last week when it averaged 6.46%. A year ago at this time, the 30-year FRM averaged 7.18%, according to Freddie Mac.
The 15-year FRM averaged 5.51%, down from last week when it averaged 5.62%. A year ago at this time, the 15-year FRM averaged 6.55%.
“Mortgage rates fell again this week due to expectations of a Fed rate cut,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates are expected to continue their decline and while potential homebuyers are watching closely, a rebound in purchase activity remains elusive until we see further declines.”