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Mortgage rates dip from last week

MCLEAN, Va. — Freddie Mac today released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage (FRM) averaged 5.13%.

“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.”

30-year fixed-rate mortgage averaged 5.13% with an average 0.8 point as of August 18, 2022, down from last week when it averaged 5.22%. A year ago at this time, the 30-year FRM averaged 2.86%.

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15-year fixed-rate mortgage averaged 4.55% with an average 0.7 point, down from last week when it averaged 4.59%. A year ago at this time, the 15-year FRM averaged 2.16%.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.39% with an average 0.3 point, down from last week when it averaged 4.43%. A year ago at this time, the 5-year ARM averaged 2.43%.

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