U.S. Mortgage Rates Are at the Lowest Level in 15 Months — Here’s Why

Mortgage rates in the U.S. dropped to the lowest level in 15 months, with the average interest rate for a fixed, 30-year mortgage now sitting at 6.47%, per Freddie Mac.

The drop comes ahead of the expected interest rate cut by the Federal Reserve in September.

Related: Record High Mortgage Rates in the U.S. Crush Homebuyer Dreams

“Mortgage rates plunged this week to their lowest level in over a year following the likely overreaction to a less than favorable employment report and financial market turbulence for an economy that remains on solid footing,” Freddie Mac’s Chief Economist Sam Khater said in a company release,

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