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ased on Freddie Mac's latest Primary Mortgage Market Survey, the average 30-year fixed-rate mortgage (FRM) was at 6.49% as of August 15, 2024. This is slightly higher than last week's average of 6.47%. However, it's worth noting that this is still more than half a percent lower than the same time last year when the average was at 7.09%.

    According to Sam Khater, Freddie Mac's Chief Economist, "While rates increased slightly this week, they remain more than half a percent lower than the same time last year." He added, "In 2023, the 30-year fixed-rate mortgage nearly hit 8 percent, which slammed the brakes on the housing market. Now, the 30-year fixed-rate hovers around 6.5 percent and is expected to trend downward in the coming months as inflation continues to slow."

    The 15-year FRM also saw an increase, averaging at 5.66% as of August 15, 2024, up from last week's average of 5.63%. A year ago at this time, the 15-year FRM averaged at 6.46%.

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