Mortgage Rates Fall on Fed Cut Speculation
The average 30-year mortgage rate dipped to the lowest rate in months as markets increasingly expect a Federal Reserve rate cut in September.
The average 30-year mortgage rate dipped to the lowest rate in months as markets increasingly expect a Federal Reserve rate cut in September.
Most regions posted declines, with the largest drop – 3.8% – in large metros, where multifamily output also fell. But most other markets saw multifamily growth.
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Rates on 30-year mortgages fell to 6.56% from 6.58% last week while rates on 15-year mortgages held steady at 5.69%.