Mortgage Rates Revert from Last Week 8-18-2022
“Inflation appears to be beyond its peak, which has stopped the rapid increase in mortgage rates that the housing market was experiencing earlier this year,” said Sam Khater, Freddie Mac’s Chief Economist. “The market continues to absorb the cumulative impact of the large price and rate increases that led to a plunge in affordability. As a result, over the rest of the year purchase demand likely will continue to drag, supply will modestly increase, and home price growth will decelerate.”
News Facts
- The 30-year fixed-rate mortgage averaged 5.13 percent with an average 0.8 point as of August 18, 2022, down from last week when it averaged 5.22 percent. A year ago at this time, the 30-year FRM averaged 2.86 percent.
- The 15-year fixed-rate mortgage averaged 4.55 percent with an average 0.7 point, down from last week when it averaged 4.59 percent. A year ago at this time, the 15-year FRM averaged 2.16 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.39 percent with an average 0.3 point, down from last week when it averaged 4.43 percent. A year ago at this time, the 5-year ARM averaged 2.43 percent.
