US EditionAverage Rate on a 30-Year Mortgage Drops to Lowest Level Since April
UNITED STATES, AUG 6 – Mortgage applications rose 3 percent as rates hit a four-month low due to weak job growth and investor expectations of Federal Reserve interest rate cuts, boosting purchase applications by 1 percent.
- On April 10, the interest rate for a three-decade fixed mortgage dropped to slightly below 6.62%, marking the lowest level recorded in 2025.
- This decline follows a trend of rates moving lower for the third consecutive week amid steady Federal Reserve interest rates and economic uncertainty.
- Last year, home sales dropped to their lowest point in almost three decades, driven by high mortgage rates and an imbalance that favors sellers over buyers.
- Mortgage buyer Freddie Mac reported that the long-term mortgage rate decreased from 6.72% to 6.63% last week, while economist Lisa Sturtevant indicated uncertainty about whether this downward trend in rates will persist.
- The drop in rates offers relief for prospective homebuyers but uncertainty about future rate movements suggests the housing market may still face challenges.
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Associated Press News+17 Reposted by 17 other sources
Average rate on a 30-year mortgage drops to lowest level since April
The average rate on a 30-year U.S. mortgage has fallen to its lowest level in four months, welcome news for prospective homebuyers who have been held back by stubbornly high home financing costs.
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Total News Sources47
Leaning Left4Leaning Right4Center20Last UpdatedBias Distribution71% Center
Bias Distribution
- 71% of the sources are Center
71% Center
14%
C 71%
14%
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