Mortgage rates have been decreasing throughout July and continued to fall during the week ending August 1st.
The average 30-year fixed-rate mortgage is now 6.6%, down nine basis points from the previous week.
This decline is likely due to lenders anticipating a decrease in interest rates by the Federal Reserve.
The Fed's decision to keep interest rates steady for the past year, but hints at potential cuts in the near future, has led to this softening of mortgage rates.
