Mortgage rates in the US fell for a fourth straight week, reaching the lowest point since October

Mortgage rates continued their downward trend this week, with the 30-year fixed mortgage slipping five basis points to 6.58% and the 15-year fixed dropping four points to 5.71%, according to Freddie Mac’s latest weekly survey.

This marks the fourth consecutive week of declines. Just a month ago, the 30-year rate averaged 6.75% during the week ending July 17, while the 15-year rate hovered around 5.92%. Both rates have now fallen below their respective 52-week averages of 6.68% and 5.85%.

“Mortgage rates fell to their lowest level since October,” said Sam Khater, chief economist at Freddie Mac, in a press release. “Purchase application activity is improving as borrowers take advantage of the decline in mortgage rates.”

Fresh data from the Mortgage Bankers Association (MBA) backs that up. For the week ending Aug. 8, mortgage purchase applications rose 1% from the prior week. Refinancing activity saw an even sharper jump, climbing 23% during the same period. Meanwhile, adjustable-rate mortgage (ARM) applications reached their highest level since 2022 — a sign, the MBA said, of borrowers responding to the more favorable interest rate environment.