Business, Finance & Tech
Mortgage Rates Drop to Lowest Level in 10 Months, Averaging 6.58%
Mortgage rates have dipped to their lowest level in 10 months, giving potential buyers and homeowners looking to refinance some welcome relief after a year of elevated borrowing costs.
The average 30-year fixed mortgage rate fell to 6.58% for the week ending August 14, the lowest since October, according to Freddie Mac. The decline follows growing investor expectations that the Federal Reserve may cut interest rates in September, after new data showed the US job market cooled significantly in July.
“The recent slide in mortgage rates was triggered by July’s employment report,” said Kara Ng, senior economist at Zillow Home Loans. She noted that downward revisions to previous months’ job numbers painted a weaker picture of the labor market than previously thought.
While the Fed doesn’t directly set mortgage rates, its policies influence the 10-year Treasury yield, a key driver of home loan costs.
Mortgage rates have hovered just under 7% for most of the year, slowing the housing market and giving buyers more leverage. Homes are staying on the market longer, and sellers are increasingly offering price reductions and incentives. Zillow data shows many markets are now tilting in favor of buyers.
It’s still unclear whether this drop in rates will heat up competition for homes again, but there are early signs of increased activity. “Purchase application activity is improving as borrowers take advantage of the decline in mortgage rates,” said Sam Khater, Freddie Mac’s chief economist.
Credit: CNN Newsource
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By: CNN Newsource
August 14, 2025
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