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3w ago

U.S. Mortgage Rates Touch 10-Month Low, With Top Lenders Near 6.50%

Powell’s dovish turn has lowered Treasury yields, leaving housing demand only slightly improved.

Millennial and Gen Z homebuyers could be in for a rude awakening if they plan to refinance or took on an adjustable-rate mortgage.
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Overview

  • Freddie Mac’s 30-year average ticked down to 6.56% for the week ending Aug. 28, the lowest since October 2024.
  • Mortgage News Daily’s daily index shows a best-case 30-year rate around 6.50%, reflecting incremental declines after Powell’s Jackson Hole remarks.
  • Markets now lean toward a September Fed cut, yet mortgage pricing continues to track the 10-year Treasury more than the policy rate.
  • MBA data show overall applications down 0.5% week over week, with purchase applications up 2% and refinances down 4%.
  • Political tension over President Trump’s attempt to remove Fed Governor Lisa Cook, who sued to block the move, has elicited little reaction in mortgage markets as affordability remains strained with only about 28% of listings within reach of a typical household.