U.S. 30-year fixed-rate mortgage steadies near 15-month low, Freddie Mac says

The average rate on the popular U.S. 30-year mortgage rate was little changed near the lowest level in over a year this week, as signs of cooling inflation have held down the Treasury bond yields used in setting home loan costs.

The 30-year fixed-rate mortgage averaged 6.49% during the week ending August 15, up fractionally from 6.47% in the prior week, the lowest since May 2023, mortgage finance agency Freddie Mac said on Thursday.

“In 2023, the 30-year fixed-rate mortgage nearly hit 8 percent, slamming the brakes on the housing market,” Freddie Mac Chief Economist Sam Khater said in a statement.

“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.”

 

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