The average 30-year fixed-rate mortgage (FRM) in the U.S. fell to 6.58% as of August 14, down from 6.63% the previous week, Freddie Mac reported. This marks its lowest point since October, with the current level slightly above the 6.49% rate recorded one year ago.
The 15-year FRM also declined, averaging 5.71% compared to 5.75% the previous week. This rate remains slightly higher than the 5.66% reported at the same time last year. Freddie Mac’s Chief Economist, Sam Khater, noted that purchase application activity is picking up as borrowers respond to the easing rates.
