Mortgage rates dropped again this week to the lowest level since February, according to Freddie Mac. (iStock)
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 average rate for a 15-year mortgage was 5.99%, down from 6.07% last week and down from 6.25% last year.
On Wednesday, Fed Chair Jerome Powell told reporters that the central bank has gained greater confidence that inflation is moving towards its 2% target rate, indicating that while rates were not lowered this time, they…
