Overview

• Freddie Mac’s 30-year fixed-rate mortgage average fell to 6.58% for the week ending Aug. 14, marking its lowest weekly level since mid-March
• Daily source averages vary by methodology, with Investopedia’s Zillow API data showing a 6.69% 30-year rate—the cheapest since March 12
• Traders widely expect a 25-basis-point Fed rate cut in September, which has driven 10-year Treasury yields and mortgage rates lower
• Refinance applications rose to their strongest pace in four weeks, as the Mortgage Bankers Association reported that refinancings made up roughly 42% of all submissions
• Only about 18.8% of outstanding mortgages carry rates high enough to benefit from refinancing, a pool limited further by closing costs and still-elevated home prices