Average 30-year Mortgage Rate Hovers Around Lowest Level Since May 2023: Freddie Mac

The average fixed rate on a 30-year mortgage held steady this week and remained at around its lowest level in more than a year, new Freddie Mac data confirmed. According to the Primary Mortgage Market Survey (PMMS), the average 30-year fixed-rate mortgage was 6.49 percent for the week ending Aug. 15. It was up slightly from 6.47 percent in the previous week—the lowest level since May 2023. “While rates increased slightly this week, they remain more than half a percent lower than the same time last year,” said Sam Khater, the chief economist at Freddie Mac, in a statement accompanying the data. “In 2023, the 30-year fixed-rate mortgage nearly hit 8 percent, slamming the brakes on the housing market. Now, the 30-year fixed-rate hovers around 6.5 percent and will likely trend down in the coming months as inflation continues to slow. Lower rates are good news for potential buyers and sellers alike.”...