Lowe has so far celebrated two victories with Mercedes since joining the team as executive director (technical) on June 3 after a lengthy career with McLaren.
The 51-year-old, who is expected to become team principal at Mercedes when Ross Brawn opts to retire, is refusing to take any credit for the recent successes.
Instead, Lowe believes the team have done a remarkable job to ensure Mercedes are not just winners this season, but also in championship contention, with Hamilton 48 points adrift of Sebastian Vettel, and the team 69 behind Red Bull in the constructors' title race.
The key to the turnaround has been understanding the Pirelli tyres, with Hamilton's triumph around a hot Hungaroring significant given the Mercedes team have previously suffered high degradation in warm weather.
"It's not down to me," said Lowe of the change in circumstances.
"I'm trying to distance myself from that, but the team have produced a great car this year.
"There have been one or two problems which needed to be understood, particularly around race pace, but we're clearly making progress.
"We've tried things. The team is very strong and has done a great job to understand the problems and adapt with a moving target because the tyres have kept changing.
"Hopefully we'll have some stability now, and that is what is very promising for the races to come."
Lowe, who played a significant role in Hamilton's 21 race wins and 2008 world title with McLaren, was delighted to see the 28-year-old finally take the chequered flag at the 10th attempt in his debut campaign with Mercedes.
"He is obviously great around Hungary, winning four times, which is just fantastic," added Lowe.
"What is so nice for the team, with Lewis having arrived this year, is for him to finally show what he can do, and for him to have the car to do it. It's a great combination.
"The car was there for him, and that's all credit to the guys at the factory who have been working very hard, and the guys within the race team who had a very tough weekend.
"A lot of work had to be done, but it was all done in a very controlled way, and I've been very impressed with that."
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