The 30-year fixed-rate mortgage continued its downward trend for the third consecutive week, falling 0.09% as of Aug. 7 to an average of 6.63%, according to Freddie Mac. The mortgage rate averaged 6.72% the previous week.
The 30-year rate fell to its lowest level since the week of April 10, when it averaged 6.62%. This week’s drop was much larger than the last two weeks, which saw the 30-year rate fall by 0.01% and 0.02%, respectively. But the 30-year rate is still higher than one year ago when it averaged 6.47%.
The 15-year fixed-rate mortgage experienced an even larger drop for the week, down 0.1% to 5.75% as of Aug. 7, reaching its lowest level of 2025. It was also down for the third week in a row, after hitting 5.92% during the week of July 17. The current 15-year rate, however, is also above the level of 12 months ago when it averaged 5.63%.
“The 30-year fixed-rate mortgage dropped to its lowest level since April,” said Sam Khater, Freddie Mac’s chief economist. “The decline in rates increases prospective homebuyers’ purchasing power, and our research shows that buyers can save thousands by getting quotes from a few different lenders.”
Since the week of April 10, the 30-year interest rate has been oscillating within a narrow range between a low of 6.72%, which it averaged during the weeks of July 10 and July 31, and a high of 6.89%, which it reached during the week of May 29.
