MCLEAN, Va., Aug.--The 30-year fixed-rate mortgage continues to slide, averaging 6.58% this week, Freddie Mac reported.
“Mortgage rates fell to their lowest level since October,” said Sam Khater, Freddie Mac’s chief economist. “Purchase application activity is improving as borrowers take advantage of the decline in mortgage rates.”
The 30-year FRM averaged 6.58% as of Aug. 14, down from last week when it averaged 6.63%. A year ago at this time, the 30-year FRM averaged 6.49%. The 15-year FRM averaged 5.71%, down from last week when it averaged 5.75%. A year ago at this time, the 15-year FRM averaged 5.66%, Freddie Mac added.