The average rate on the 30-year fixed-rate mortgage was unchanged this week as investors continue to expect the Federal Reserve will cut interest rates later this month.
The rate was steady from a week ago at 6.35%, Freddie Mac reported on Thursday. A year ago, the average rate on a 30-year fixed-rate loan was 7.12%.
Separately, the average rate for the 15-year fixed mortgage was 5.47%, down from 5.51% a week prior. The rate on a 15-year loan was 6.52% a year ago.
“Mortgage rates remained flat this week as markets await the release of the highly anticipated August jobs report,” Sam Khater, Freddie Mac’s chief economist, said in a press release.
Overall, mortgage rates have been on a downward trend since May.
“Even though rates have come down over the summer, home sales have been lackluster. On the refinance side however, homeowners who bought in recent years are taking advantage of declining mortgage rates in order to lower their monthly payments," the economist said.