As mortgage rate tumbles will buyers rush in? Not so fast, they say

The Freddie Mac 30-year fixed rate fell Aug. 7 to 6.47%, its lowest level since May 2023.

The mortgage rate roll down started with a higher-than-expected unemployment rate at 4.3%, announced Aug. 2 by the Labor Department. Market volatility helped drive down U.S. mortgage rates.

Sam Khater, chief economist at Freddie Mac, said the turbulence on Wall Street came despite an economy that “remains on solid footing.”

“The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move,” he said.

So, will this spark a stampede of homebuyers writing offers? Read more HERE