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Mortgage rates continued to tread downward on the back of an expected Federal Reserve rate cut, according to the Freddie Mac Primary Mortgage Survey.
30-year fixed-rate mortgages averaged 6.35% as of Aug. 29, down from 6.46% last week and 7.18% in the year-ago week.
15-year fixed-rate mortgages averaged 5.51%, down from 5.62% in the prior week and 6.55% a year ago.
“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,” added Khater.
