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Freddie Mac US 30-Year Mortgage Rate Falls to 5.3%

   

   

Photographer: Daniel Acker/Bloomberg

30-year fixed mortgage rate for week ending today fell to 5.30% from 5.54%, Freddie Mac data show.

  • 15-year rate avg 4.58%, down from 4.75% a week earlier
  • 5/1-year ARM rate avg 4.29%, down from 4.31% a week earlier
  • "Purchase demand continues to tumble as the cumulative impact of higher rates, elevated home prices, increased recession risk, and declining consumer confidence take a toll on homebuyers," Sam Khater, chief economist for Freddie Mac, said in a statement.
    • "It’s clear that over the past two years, the combination of the pandemic, record low mortgage rates, and the opportunity to work remotely spurred greater demand." he added. "Now, as the market adjusts to a higher rate environment, we are seeing a period of deflated sales activity until the market normalizes."
  • In a report out earlier this week MBA said the 30-year fixed rate was 5.74% for the week ending last Friday

NOTE: Freddie Mac surveys lenders each week to obtain the average contract interest rate, average number of points, and the average ARM margin that would be quoted to consumers on conventional, conforming first mortgage products. Three single-family loan products are covered: 30-year fixed-rate, 15-year fixed-rate, and 5/1 Treasury-indexed adjustable-rate mortgages.