Following a month’s worth of gradual declines, mortgage rates leveled off this week, according to Freddie Mac’s weekly rate survey.
The 30-year fixed-rate mortgage averaged 6.58% for the seven-day period ending Thursday — the exact same mark as the prior week. The 15-year rate edged lower by two basis points, averaging 5.69%.
Last year at this time, the 30-year rate averaged 6.46% and the 15-year rate stood at 5.62%.
“The 30-year fixed-rate mortgage remained flat this week,” Sam Khater, Freddie Mac’s chief economist, noted in a press release. “Over the summer, rates have come down and purchase applications are outpacing 2024, though a number of homebuyers continue waiting on the sideline for rates to further decrease.”
Mortgage applications for home purchases increased 0.1% on a seasonally adjusted basis for the week ending Aug. 15, the Mortgage Bankers Association (MBA) reported Wednesday. On an unadjusted basis, the MBA’s purchase index was 23% higher than the same week in the 2024 calendar.
“Prospective homebuyers remain more active compared to last year despite economic headwinds and uncertainty and affordability challenges,” MBA Deputy Chief Economist Joel Kan observed.
