Editor’s Note: This article has been updated to reflect that the data was released on Wednesday. Positive news has emerged for U.S. homebuyers navigating the housing market, as the average interest rate on 30-year fixed-rate mortgages with conforming loan balances (up to $766,550) declined to 6.50% in the week ending Aug. 16, according to data released Wednesday by the Mortgage Bankers Association. This represents the lowest level since early May 2023. The decrease in mortgage rates aligns with a dip in long-term Treasury yields, influenced by market expectations of multiple rate cuts from the…
