The average 30-year fixed-rate mortgage fell to 6.63 percent for the week ending Aug. 7, the lowest level since April, according to new data from Freddie Mac.
“The decline in rates increases prospective homebuyers’ purchasing power and our research shows that buyers can save thousands by getting quotes from a few different lenders,” Sam Khater, Freddie Mac’s chief economist, said in an Aug. 7 statement.
In an Aug. 7 commentary, Lisa Sturtevant, chief economist at real estate data company Bright MLS, said that while mortgage rates dropped for the third straight week, it isn’t clear whether the trend will continue.
Rates could fall if the economy seems to be on a decline, or may remain high if inflation risks are elevated, she added….