US mortgage rates steady at lowest since October 2024

US mortgage rates were flat after four consecutive weeks of declines, at their lowest level since last October.

In a report released on Aug. 21, Virginia-based Freddie Mac said the average 30-year fixed mortgage rate stood at 6.58%, unchanged from the previous week when it fell to the lowest level in 10 months.

The recent drop in borrowing costs is expected to encourage some hesitant buyers to re-enter the market, as sellers become more willing to negotiate. However, affordability remains a major challenge.

According to data published Thursday by the National Association of Realtors, existing home sales rose in July as the pace of price growth slowed, though affordability remains weak with home prices still up more than 50% since early 2020.