Mortgage rates fell again this week — and the Fed could push them even lower

Mortgage rates dropped to their lowest level since October 2016

due to weaker economic data over the past week.

The 15-year fixed-rate mortgage moved down 6 basis points to an average of 3.00%, according to Freddie Mac. The 5/1 adjustable-rate mortgage averaged 3.30%, falling 1 basis point. ‘Mortgage rates continued the summer swoon due to weaker economic data. While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers.’ Freddie Mac The Federal Reserve released its latest edition of the Beige Book, its periodic commentary on the state of the economy, on Wednesday. Although the Fed’s language painted a fairly rosy picture of the economy, most downside risks persist.

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