Mortgage rates continued their descent this week, with the 30-year fixed rate falling five basis points to 6.58% and the 15-year rate dipping four points to 5.71%, according to Freddie Mac’s weekly rate survey.
Rates have now declined for four consecutive weeks. The 30-year rate averaged 6.75% during the seven-day period ending July 17, and the 15-year rate stood around 5.92% a month ago.
Rates for both popular mortgage terms have now dropped below their respective 52-week averages of 6.68% and 5.85%.
“Mortgage rates fell to their lowest level since October,” Sam Khater, Freddie Mac’s chief economist, noted in a press release. “Purchase application activity is improving as borrowers take advantage of the decline in mortgage rates.”
On Wednesday, the Mortgage Bankers Association (MBA) reported that mortgage purchase applications increased 1% week over week for the period ending Aug. 8. But refinances jumped 23% during that time and adjustable-rate mortgage (ARM) activity reached its highest level since 2022, which the MBA attributed to the improving interest rate climate.
