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All • August 29, 2024

Mortgage Rates Continue Downward Trend

by Rodney Ward

Freddie Mac today (08/29/2024) released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.35 percent.

“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.”

  • The 30-year FRM averaged 6.35 percent as of August 29, 2024, down from last week when it averaged 6.46 percent. A year ago at this time, the 30-year FRM averaged 7.18 percent.
  • The 15-year FRM averaged 5.51 percent, down from last week when it averaged 5.62 percent. A year ago at this time, the 15-year FRM averaged 6.55 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.

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