Mortgage Rates Pause from their Ascent – Take Slight Dip 6/30/2022
Interest rate financial and mortgage rates concept. Hand flip wood cube change arrow down to up
“The rapid rise in mortgage rates has finally paused, largely due to the countervailing forces of high inflation and the increasing possibility of an economic recession,” said Sam Khater, Freddie Mac’s Chief Economist. “This pause in rate activity should help the housing market rebalance from the breakneck growth of a seller’s market to a more normal pace of home price appreciation.”
News Facts
- The 30-year fixed-rate mortgage averaged 5.70 percent with an average 0.9 point as of June 30, 2022, down from last week when it averaged 5.81 percent. A year ago at this time, the 30-year FRM averaged 2.98 percent.
- The 15-year fixed-rate mortgage averaged 4.83 percent with an average 0.9 point, down from last week when it averaged 4.92 percent. A year ago at this time, the 15-year FRM averaged 2.26 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.50 percent with an average 0.3 point, up from last week when it averaged 4.41 percent. A year ago at this time, the 5-year ARM averaged 2.54 percent.
