US mortgage rates fell to a 15-month low, with the average interest rate on a 30-year fixed mortgage now at 6.47%, per Freddie Mac.

Fall is ahead expected Federal Reserve interest rate cut in September.

Related: Record high mortgage rates fuel US homebuyers' dreams

“Mortgage rates fell this week to their lowest level in more than a year after likely reacting to a less-than-favorable employment report and financial market turmoil for an economy that remains on solid footing,” it said. in a company announcement, Freddie Mac's chief economist, Sam Khater. , noting that the rate drop will also give some homeowners a better chance to refinance their mortgages.

of Work in June The report, plus other economic indicators led to a wild week for Wall Streetas fears of a recession arise among investors and homeowners.

Meanwhile, the Fed expected rate cut in September caused yields on 10-year Treasuries to fall, which, in turn, caused mortgage rates to fall sharply.

Mortgage rates take a hit a record high in September 2023, reaching 7.49%.

Related: Jamie Dimon says a mild recession is still on the table: 'There's a lot of uncertainty out there'

However, the real estate market remains volatile, as house prices remain out of reach for many – and some experts think the possibility of lower interest rates could point to even higher house prices soon.

“If rates go down just another percentage point — which is what I'm hoping for by the end of the year — prices will go through the roof,” real estate owner Barbara Corcoran told Fox Business. in March. “If you wait for interest rates to go down another point, I don't think you're going to win, I think you're going to end up paying more.”