The average rate on a 30-year fixed mortgage backed by Freddie Mac fell by 9 bps from the previous week to 6.63% as of August 7th. “The 30-year fixed-rate mortgage dropped to its lowest level since April. The decline in rates increases prospective homebuyers’ purchasing power and Freddie Mac research shows that buyers can save thousands by getting quotes from a few different lenders,” said Sam Khater, Freddie Mac’s chief economist.