Freddie Mac: Mortgage Rates Drop
Freddie Mac released the results of its Primary Mortgage Market Survey® (“PMMS”®), showing that the 30-year fixed-rate mortgage (“FRM”) averaged 5.30 percent.
“Over the last two weeks, the 30-year fixed-rate mortgage dropped by half a percent, as concerns about a potential recession continue to rise,” said Sam Khater, Freddie Mac’s Chief Economist. “While the drop provides minor relief to buyers, the housing market will continue to normalize if home price growth materially slows due to the combination of low housing affordability and an expected economic slowdown.”
- 30-year fixed-rate mortgage averaged 5.30 percent with an average 0.8 point as of July 7, 2022, down from last week when it averaged 5.70 percent. A year ago at this time, the 30-year FRM averaged 2.90 percent.
- 15-year fixed-rate mortgage averaged 4.45 percent with an average 0.8 point, down from last week when it averaged 4.83 percent. A year ago at this time, the 15-year FRM averaged 2.20 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (“ARM”) averaged 4.19 percent with an average 0.4 point, down from last week when it averaged 4.50 percent. A year ago at this time, the 5-year ARM averaged 2.52 percent.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
Angela Waugaman – Media Contact – Angela_Waugaman@FreddieMac.com – (703) 714-0644
Source: Freddie Mac