30-Year Mortgage Rates Fall to Lowest Level in Over a Year, Application Numbers Pick Up

Many prospective homebuyers are now looking to enter the market ‘before rates get too low’ and trigger more buying completion, said a real estate agent.

A home is advertised as 'For Sale' in New York City on March 31, 2021. Spencer Platt/Getty Images

Interest rates on mortgage loans have dipped to their lowest level in almost 15 months, with mortgage applications increasing in tandem.

The average rate on a 30-year fixed-rate mortgage fell to 6.47 percent for the week ending on Aug. 8, according to latest data from Freddie Mac.