Mortgage Rates Drop Below Five Percent 8/04/2022

3d image of house with graph falling

“Mortgage rates remained volatile due to the tug of war between inflationary pressures and a clear slowdown in economic growth,” said Sam Khater, Freddie Mac’s Chief Economist. “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.”

News Facts

• The 30-year fixed-rate mortgage averaged 4.99 percent with an average 0.8 point as of August 4, 2022, down from last week when it averaged 5.30 percent. A year ago at this time, the 30-year FRM averaged 2.77 percent.
• The 15-year fixed-rate mortgage averaged 4.26 percent with an average 0.6 point, down from last week when it averaged 4.58 percent. A year ago at this time, the 15-year FRM averaged 2.10 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.25 percent with an average 0.3 point, down from last week when it averaged 4.29 percent. A year ago at this time, the 5-year ARM averaged 2.40 percent.
  

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