Mortgage rates down to lowest level since October

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Mortgage rates fell to their lowest level since October, according to [https://seekingalpha.com/pr/20201601-mortgage-rates-continue-to-decline] the latest Freddie Mac Primary Mortgage Survey.

30-year fixed-rate mortgages averaged 6.58% as of August 14, down from 6.63% last week and higher than the year-ago level of 6.49%.

15-year fixed-rate mortgages averaged 5.71%, down from 5.75% last week and up from 5.66% a year ago.

"Purchase application activity is improving as borrowers take advantage of the decline in mortgage rates," noted Sam Khater, Freddie Mac's chief economist.

Here is a look at the mortgage rate movements since October 2024:
[https://www.freddiemac.com/pmms]
Source: Freddie Mac

MORE ON MORTGAGES

* Mortgage applications jump as rates dip [https://seekingalpha.com/news/4484500-mortgage-applications-jump-as-rates-dip]
* Average Age Of First-Time Home Buyers And How It Changed Over The Past 25 Years [https://seekingalpha.com/article/4812311-average-age-first-time-home-buyers-how-changed-past-25-years]