J Studios
Mortgage rates remained largely flat, but are expected to gently slope downward through 2024, according to the Freddie Mac Primary Mortgage Survey.
30-year fixed-rate mortgages averaged 6.46% as of August 22, down from 6.49% last week and 7.23% in the same period a year ago.
15-year fixed-rate mortgages averaged 5.62%, compared to 5.66% a week ago and 6.55% a year ago.
“Although mortgage rates have stayed relatively flat over the past couple of weeks, softer incoming economic data suggest rates will gently slope downward through the end of the year,” said Freddie Mac’s chief economist, Sam Khater.
“Earlier this month, rates plunged and are now lingering just under 6.5%, which has not been enough to motivate potential homebuyers. We expect rates likely will need to decline another percentage point to generate buyer demand,” added Khater.
