U.S. 30-year fixed-rate mortgage (FRM) averaged 6.46% as of August 22, 2024, down from last week when it averaged 6.49%. A year ago at this time, the 30-year FRM averaged 7.23%, according to Freddie Mac.
The 15-year FRM averaged 5.62%, down from last week when it averaged 5.66%. A year ago at this time, the 15-year FRM averaged 6.55%.
“Although mortgage rates have stayed relatively flat over the past couple of weeks, softer incoming economic data suggest rates will gently slope downward through the end of the year,” said Sam Khater, Freddie Mac’s Chief Economist. “Earlier this month, rates plunged and are now lingering just under 6.5%, which has not been enough to motivate potential homebuyers. We expect rates likely will need to decline another percentage point to generate buyer demand.”
