30-Year Mortgage Rate Falls to 6.35%

Published On Aug 29, 2024, 12:05 PM

The average rate on 30-year fixed-rate mortgages in the U.S. has decreased to 6.35% from 6.46% the previous week, marking the lowest level since May 2023. This decline is expected to encourage more buyers and sellers in the housing market, particularly as anticipation grows for interest rate cuts from the Federal Reserve in mid-September. Mortgage rates, although lower than their peak of nearly 7.8% late last year, remain significantly higher compared to three years ago (around 3%). Recent data shows new home sales rose over 10% last month, suggesting some activity in the market despite overall home-price growth expected to slow down due to an increase in housing supply.