Key Takeaways
- U.S. 30-year fixed mortgage rates have fallen to 6.58% as of August 14, marking their lowest level since October 2024.
- This decline, reported by Freddie Mac, represents a decrease from 6.63% recorded the previous week.
- 15-year fixed mortgage rates also saw a dip, moving to 5.71% from 5.75%.
- Separately, Russia plans to extend its gasoline export ban through September, a move supported by Deputy Prime Minister Alexander Novak.
Mortgage rates in the United States have continued their downward trend, with the average 30-year fixed-rate mortgage reaching 6.58% on August 14, according to Freddie Mac's latest Primary Mortgage Market Survey (PMMS®). This marks the lowest point for these rates since October 2024, offering potential relief for homebuyers in the current market. The previous week's average stood at 6.63%, indicating a notable five-basis-point drop.
The decline in borrowing costs extends to shorter-term loans as well, with the 15-year fixed-rate mortgage averaging 5.71%, down from 5.75% last week. Sam Khater, Freddie Mac's Chief Economist, noted that purchase application activity is showing improvement as borrowers look to capitalize on these lower rates.
In global energy news, Russia is moving to extend its gasoline export ban until September. Russian Deputy Prime Minister Alexander Novak has backed the Energy Ministry's proposal to maintain the restriction, which was initially set to expire at the end of August. This measure is primarily aimed at stabilizing domestic fuel prices within Russia. The Russian government has previously implemented similar bans and extensions to manage internal fuel supply and demand.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.