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Mortgage Rates Drop To 15-Month Low

  • August 12th 2024

by UrbanTurf Staff

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Mortgage rate chart_08-08-24.png

Homebuyers are likely rejoicing given last week's news on mortgage rates. 

On Thursday, Freddie Mac reported 6.47% as the average on a 30-year mortgage, down 26 basis points from last week. It is the lowest rates have been since the beginning of last summer, and nearly 50 basis points lower than August 2023. 

“Mortgage rates plunged this week to their lowest level in over a year following the likely overreaction to a less than favorable employment report and financial market turbulence for an economy that remains on solid footing," said Sam Khater, Freddie Mac’s Chief Economist. "The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move."

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_drop_to_15-month_low/22587.

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