Mortgage rates decline to 15 month low

(CNN)– Mortgage rates have dropped to a new 15 month low. The standard 30 year fixed rate mortgage average 6.35%, according to Freddie Mac.

It hasn’t been this low since May 2023.

Mortgage rates fell earlier this month and have been trending lower because of an expected interest rate cut from the Federal Reserve.

That is expected to come at the Fed’s next policy meeting in mid-September.