Need to fall further to boost demand (Il Sole 24 Ore Radiocor) - Washington, 22 Aug - The average rate on US 30-year fixed-rate mortgages fell to 6.46% from 6.49% last week, mortgage finance agency Freddie Mac said.

This was the lowest level since May 2023.

"Although mortgage rates have stayed relatively flat over the past couple of weeks, softer incoming economic data suggest rates will gently slope downward through the end of the year," it said in a statement.

However it added rates would likely need to decline another percentage point to generate buyer demand.

A year ago, the average rate on a 30-year fixed-rate loan was 7.23%.

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(RADIOCOR) 22-08-24 18:41:15 (0505) 5 NNNN