Zillow reports that the current average 30-year fixed mortgage rate fell 3 basis points from 6.02% to 5.99% on Friday August 23.
The 30-year fixed mortgage rate is down 16 basis points from the previous week’s average rate of 6.15%.
The rate is down as the U.S. 10-year Treasury yield fell Friday when Federal Reserve Chair Jerome Powell signaled at the annual Jackson Hole symposium that the central bank will soon begin cutting interest rates.
The yield on the 10-year Treasury slipped by about 6 basis points to 3.801%.
Additionally, the current national average 15-year fixed mortgage rate decreased 3 basis points from 5.34% to 5.31%. The current national average 5-year ARM mortgage rate is up 17 basis points from 6.16% to 6.33%.