Good news for all the home buyers out there. Mortgage rates dropped to their lowest level since early February, according to Freddie Mac. As of August 1st, the average rate on a 30-year fixed mortgage fell to 6.73%, that’s down from 6.9% last year. The decline came as the Federal Reserve set the stage for a September interest rate cut. The decline is a welcome news for prospective homebuyers grappling with affordability.
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