30-Year Mortgage Rates Fall to Lowest Yearly Level as Application Numbers Pick Up

Interest rates on mortgage loans have dipped to their lowest level in almost 15 months, with mortgage applications increasing in tandem. The average rate on a 30-year fixed-rate mortgage fell to 6.47 percent for the week ending Aug. 8, according to latest data from Freddie Mac. This is the lowest rate since the week ending May 17, 2023. Sam Khater, chief economist at the firm, pointed to “a less than favorable employment report” as one of the factors behind declining rates. Labor data released last week showed that U.S. unemployment spiked in July from the previous month. In addition, an indicator called the Sahm Rule, which tracks unemployment, signaled a potential recession in the country....