The average U.S. 30-year fixed mortgage rate fell slightly this week after five consecutive weeks of increases, offering some relief to prospective homebuyers.
According to Freddie Mac, the rate declined to 6.67 percent from 6.69 percent the previous week, although borrowing costs remain higher than they were a year ago.
The report said recent data showing a cooling labor market and easing inflation helped push borrowing costs lower and reduced expectations that the Federal Reserve will need to raise interest rates in the coming months.
Investors have also lowered their expectations for a September rate hike following the latest consumer price data.
According to the report, the easing of Brent crude oil prices has provided some relief, but it has not been enough to significantly reduce long-term borrowing costs.
The housing market continues to face pressure from high financing costs. Redfin data showed home sales fell 4.1 percent in July, while the median existing-home price reached $434,100, up 2 percent from a year earlier.
Related Tweet:
Mortgage rates dip slightly for the first time in six weeks, but remain steeper than last year https://t.co/bBeUWhTidT
— O.C. Register (@ocregister) August 13, 2026
Also Read:
TIPP Staff
