Freddie Mac data shows average 30-year fixed mortgage rates fell to 6.67%, improving housing affordability year-over-year.
Average 30-year fixed mortgage rates declined to 6.67% for the week ending August 13, down from the prior week. The drop marks a continued easing in borrowing costs, contributing to improved housing affordability compared to a year ago.
Last week’s rate represents a modest pullback from recent highs, though it remains elevated compared to the 5.13% average recorded in August 2023. The decline aligns with broader expectations of cooling inflation and potential Federal Reserve rate cuts later this year.
The shift has yet to trigger a significant rebound in mortgage demand, as affordability constraints persist amid high home prices and limited inventory.