The average 30-year fixed-rate mortgage was 6.73% for the week ending Aug. 1, according to Freddie Mac's latest Primary Mortgage Market Survey.
Mortgage rates dropped again this week to the lowest level since February in anticipation of the Federal Reserve cutting interest rates by 25 basis points in September, according to Freddie Mac. The average 30-year fixed-rate mortgage was 6.73% for the week ending Aug. 1, according to Freddie Mac's latest Primary Mortgage Market Survey. That's a decrease from the previous week when it averaged 6.78% and lower than the 6.90% it was a year ago.
The national median list price dipped from $445,000 in June to $439,950 in July, according to a new monthly housing report by Realtor.com. At the same time, the housing supply increased by 36.6%, a ninth straight month of growth, and now sits at a post-pandemic high. Those two factors, combined with the prospect of lower interest rates – and potentially lower mortgage rates – should entice buyers back to the market.
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