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U.S. mortgage rates have fallen to their lowest level in 15 months, with the average rate on a fixed 30-year mortgage now standing at 6.47%, according to Freddie Mac.
The drop comes ahead of an expected interest rate cut by the Federal Reserve in September.
Related: U.S. mortgage rates rise to record high, shattering homebuyer dreams
“Mortgage rates plummeted to their lowest level in more than a year this week, driven by an overreaction to unfavorable jobs data and financial market turmoil in a robust economy,” Freddie Mac chief economist Sam Carter said in a statement, adding that lower rates also give some homeowners more opportunities to refinance their mortgages.
The June jobs report and other economic data capped a tumultuous week for Wall Street as fears of a recession spread among investors and homeowners.
Meanwhile, the Fed Expected rate cuts The September financial crisis caused yields on 10-year government bonds to fall, and mortgage rates also plummeted.
Mortgage interest rates hit a record high of 7.49% in September 2023.
Related: Jamie Dimon says mild recession still possible: ‘There’s a lot of uncertainty out there’
Still, the real estate market remains volatile with home prices remaining out of reach for many, and some experts believe the potential rate cut could be a sign of further price increases in the near future.
“If interest rates go down another percentage point, which is what I hope happens by the end of the year, prices are going to skyrocket,” real estate guru Barbara Corcoran told Fox Business in March. “I don’t think you’re going to get much out of waiting for rates to go down another percentage point. I think you’re just going to end up paying more.”
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