Mortgage rates continued to decline in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.35% as of Aug. 29, down from last week when it averaged 6.46%. A year ago at this time, it averaged 7.18%.
The 15-year fixed-rate mortgage averaged 5.51%, down from last week when it averaged 5.62%. A year ago at this time, it averaged 6.55%.
“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.”