US 30-Year Mortgage Rate Falls Amid Weak Jobs Data, Fed Signals

Mortgage Rates Hit 15-Month Low

The interest rate for the most popular U.S. home loan has dropped significantly, reaching its lowest level in over a year. According to the Mortgage Bankers Association (MBA), the average contract rate on a 30-year fixed-rate mortgage fell by 27 basis points to 6.55% for the week ending August 2. This decline marks the sharpest drop in two years and brings relief to potential homebuyers facing an increasingly unaffordable housing market.