Mortgage rates moved a little lower this week, resuming the downward trend we’ve seen as summer ends.

The average rate on a 30-year fixed-rate mortgage fell nine basis points to 6.59%, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point.

Current mortgage interest rates might not seem too impressive, but rates are about the lowest they’ve been in five months.

Powell sets stage for rate cut

The event that provided the most rate-shifting momentum over the past seven days happened on Friday, Aug. 22, when Federal Reserve Chair Jerome Powell gave a speech at the Kansas City Fed’s annual symposium in Jackson Hole, Wyoming. The chair’s yearly speech often provides insight into where the Fed is headed going into the last three meeting

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