Through a report published this week, mortgage buyer Freddie Mac indicated that the 30-year fixed mortgage rate had fallen to its level lowest, falling from 6.63% to 6.58% during the second week of August.

In this regard, Sam Khater, chief economist at Freddie Mac commented that mortgage rates fell to their lowest level since October. Purchase application activity is improving as borrowers take advantage of the drop in mortgage rates, he said.

The biggest problem in the housing market in recent years is the affordability crisis, on this subject, Treasury Secretary Scott Bessent mentioned that one of the main priorities is to address this situation in the sector.

We are really going to work on this housing affordability crisis. That's one of my big projects for the fall, Bessent said.

Joel Berner, senior economist at Realtor.com, noted that the industry has stalled this summer, with new home sales even declining.

Finally, the average rate on the 15-year fixed-rate mortgage fell to 5.71 percent from 5.75 percent last week.