U.S. Mortgage Rates Dip to Lowest Levels in Over a Year in Mid-August

Yet still well above 6 percent and over double the rate in August 2021

Based on Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.49 percent as of August 15, 2024.

Sam Khater

“While rates increased slightly this week, they remain more than half a percent lower than the same time last year,” said Sam Khater, Freddie Mac’s Chief Economist. “In 2023, the 30-year fixed-rate mortgage nearly hit 8 percent, slamming the brakes on the housing market. Now, the 30-year fixed-rate hovers around 6.5 percent and will likely trend down in the coming months as inflation continues to slow. Lower rates are good news for potential buyers and sellers alike.”

Freddie Mac News Facts

• The 30-year FRM averaged 6.49 percent as of August 15, 2024, up from last week when it averaged 6.47 percent. A year ago at this time, the 30-year FRM averaged 7.09 percent.
• The 15-year FRM averaged 5.66 percent, up from last week when it averaged 5.63 percent. A year ago at this time, the 15-year FRM averaged 6.46 percent.