US EditionAverage Rate on a 30-Year Mortgage Drops to Lowest Level Since October
Refinance applications surged 23% to a four-month high as the average 30-year fixed mortgage rate dropped to 6.67%, driven by expectations of a Federal Reserve rate cut in September.
- The average interest rate on a 30-year fixed-rate mortgage fell to 6.67% last week, the lowest level since October, spurring a rise in refinance applications but doing little to boost home purchases.
- While refinance applications jumped 23% to a four-month high, purchase applications rose just 1%, as elevated mortgage rates and high home prices continued to discourage homebuyers.
- The Federal Reserve has left interest rates unchanged this year amid concerns over inflation, but some policymakers have signaled openness to rate cuts, especially after data showed consumer inflation in July held steady at 2.7%.
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Potential home buyers and homeowners seeking to refinance their mortgages received a rare relief this week after months of persistently high borrowing costs. The 30-year mortgage rate averaged 6.58% for the week ending August 14, the lowest level since October, according to data released Thursday by Freddie Mac. The decline in interest rates occurs as investors increasingly expect the Federal Reserve (Fed) to cut their interest rates in Septembe…
Associated Press News+21 Reposted by 21 other sources
Average rate on a 30-year mortgage drops to lowest level since October
The average rate on a 30-year U.S. mortgage has fallen to its lowest level in nearly 10 months. The average rate dropped to 6.58% from 6.63% last week, mortgage buyer Freddie Mac said Thursday.
·United States
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Coverage Details
Total News Sources42
Leaning Left7Leaning Right4Center23Last UpdatedBias Distribution68% Center
Bias Distribution
- 68% of the sources are Center
68% Center
L 21%
C 68%
12%
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