The average rate on 30-year fixed home loans registered 6.63% for the week ending Aug. 7, down from 6.72% last week.

The average rate on a 30-year U.S. mortgage has fallen to its lowest level in nearly 10 months. The average rate dropped to 6.58% from 6.63% last week, mortgage buyer Freddie Mac said Thursday.

There is no doubt among experts that lower mortgage rates are good news for American homebuyers. "Mortgage rates have dropped by .25 to .375 percent over the past 10 days. This means more affordability in the home that they are looking to purchase," Cohn said.