Mortgage rates drop below 5%

mortgage rates
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MCLEAN, Va. — Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 4.99%.

“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.”

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

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