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August 7, 2024
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) fell by 27bps to 6.55% in the week ended August 2nd, 2024, the lowest since the first week of May 2023, data from the Mortgage Bankers Association showed. The decline tracks a big fall in Treasury yields amid bets the Fed will start cutting interest rates next month. “Mortgage rates decreased across the board last week...following dovish communication from the Federal Reserve and a weak jobs report, which added to increased concerns of an economy slowing more rapidly than expected,” said Joel Kan, MBA’s vice president and deputy chief economist. Meanhwile, the rate for jumbo loans, or the 30-year mortgage for homes sold for over $766,550, was 6.77%, down from 7.07%. The average rate for a 30-year mortgage backed by the Federal Housing Administration was 6.49%, down from 6.69% in the previous week
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) fell by 27bps to 6.55% in the week ended August 2nd, 2024, the lowest since the first week of May 2023, data from the Mortgage Bankers Association showed. The decline tracks a big fall in Treasury yields amid bets the Fed will start cutting interest rates next month. “Mortgage rates decreased across the board last week...following dovish communication from the Federal Reserve and a weak jobs report, which added to increased concerns of an economy slowing more rapidly than expected,” said Joel Kan, MBA’s vice president and deputy chief economist. Meanhwile, the rate for jumbo loans, or the 30-year mortgage for homes sold for over $766,550, was 6.77%, down from 7.07%. The average rate for a 30-year mortgage backed by the Federal Housing Administration was 6.49%, down from 6.69% in the previous week
