Hardware Retailing The Industry's Source for Insights and Information
Mortgage rates continued to decline in August and are now reporting at the lowest rate since November 2024, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 6.59%, 13 basis points (bps) lower than July, while the 15-year rate declined 15 bps to 5.71%, the National Association of Home Builders (NAHB) reports.
The 10-year Treasury yield, a benchmark for long-term borrowing, averaged 4.29% in August. This is 8 bps lower than July of this year. Long-term yields also decreased following a speech from federal reserve chair Jerome Powell, where he signaled possible rate cuts and noted that the downside risk to employment is on the rise while inflation expectations are staying around the Fed’s target of 2%.
