Mortgage rates are tumbling, and it’s thrilling news for homebuyers, just as sellers are providing more inventory.
The average 30-year fixed weekly mortgage rate fell to 6.73%, according to Freddie Mac; its lowest level since February. Last week, it was 6.78%. It’s mostly cooling inflation and anticipation of an interest rate cut by the Federal Reserve in September behind the decline. And off the back of today’s weaker jobs report, daily mortgage rates fell further. The average 30-year fixed daily rate is 6.40%, the lowest reading in a year.
