The average rate on 30-year fixed home loans registered 6.63% for the week ending Aug. 14, down from 6.58% last week.

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.

Rates on new 30-year loans have fallen every day this week, pushing the average to a five-month low. Other major loan types have dropped as well.