Housing: mortgage rates at their lowest level since February – El Diario NY

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS).which shows that A 30-year fixed rate mortgage (FRM) averaged 6.73 percent.

“Mortgage rates fell to their lowest level since early February” said Sam Khater, chief economist at Freddie Mac.

“Expectations of a rate cut by the Federal Reserve, along with signs of cooling inflation, They are good for the marketbut concern about consumer confidence could prevent an immediate rebound as price challenges remain a priority,” Khater said.

Freddie Mac says, despite this, there is a recent change in home price growth and an increase in the housing inventory. They are a good sign for home buyers.

Here are the rates:

30-year mortgage:

The 30-year FRM averaged 6.73 percent as of August 1, 2024, lower than last week’s average, when it averaged 6.78 percent. A year ago, meanwhile, the 30-year FRM averaged 6.90 percent.

15-year mortgage:

The 15-year FRM averaged 5.99 percent, changed so far -6.07% compared to yesterday. A year ago at the same time, the 15-year FRM averaged 6.25 percent.

PMMS focuses on conventional, conforming, fully amortized home purchase loans for borrowers with 20 percent down and excellent credit.

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