Mortgage Rates Decline to Lowest Level Since April

The 30-year fixed-rate mortgage averaged 6.63% as of Aug. 7, down from last week when it averaged 6.72%, according to the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). A year ago at this time, it averaged 6.47%.

The 15-year fixed-rate mortgage averaged 5.75%, down from last week when it averaged 5.85%. A year ago at this time, it averaged 5.63%.

“The 30-year fixed-rate mortgage dropped to its lowest level since April,” said Sam Khater, Freddie Mac’s chief economist. “The decline in rates increases prospective homebuyers’ purchasing power and our research shows that buyers can save thousands by getting quotes from a few different lenders.”

Separately, – Fannie Mae (OTCQB: FNMA) today published the results of its July National Housing Survey, which includes the Home Purchase Sentiment Index (HPSI), a measure of consumer sentiment toward housing. For July, the HPSI increased 2.0 points month-over-month to 71.8. Year-over-year, the HPSI is up 0.3 points.