Mortgage rates slip below 5%

Paula Wolf, Contributing Writer//August 5, 2022

For the first time since April, the 30-year mortgage rate average has fallen under 5%. Freddie Mac’s Primary Mortgage Market Survey, released Thursday, showed the average for a 30-year, fixed-rate mortgage was down to 4.99%.

The week before, the average was 5.3%. A year ago, a 30-year, fixed-rate mortgage averaged 2.77%.

“Mortgage rates remained volatile due to the tug of war between inflationary pressures and a clear slowdown in economic growth,” Sam Khater, Freddie Mac’s chief economist, said in a release. “The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, especially as the Federal Reserve attempts to navigate the current economic environment.” According to the survey, a 15-year, fixed-rate mortgage averaged 4.26%, down from 4.58% the previous week and 2.1% a year ago.

Paula Wolf is a freelance writer

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