Mortgage rates hit lowest level since October 2024, with 30-year fixed rate at 6.58% and 15-year fixed rate at 5.71%. Rates dropping due to weak job growth and expectations of Fed rate cut in September. Buyers may not see further decreases as rates already reflect expected Fed cut.

Traders predict 91% chance of Fed cutting rates by 25 basis points in September. Redfin economist warns rates likely won’t drop further after expected Fed cut. Refinancing applications up 23% from last week, but purchase activity only increased by 1%. Rate volatility expected as new economic data is released.

Read more at Yahoo Finance: Mortgage rates drop to 2025 low