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Mortgage Rates Drop To Lowest Level Since May 2023

  • August 29th 2024

by UrbanTurf Staff

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Long-term mortgage rates dropped again this week and are now at their lowest level since May 2023. 

On Thursday, Freddie Mac reported 6.35% as the average on a 30-year mortgage, down 11 basis points from last week. 

"Mortgage rates fell again this week due to expectations of a Fed rate cut,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates are expected to continue their decline and while potential homebuyers are watching closely, a rebound in purchase activity remains elusive until we see further declines."

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_lowest_level_since_may_2023/22658.

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