Rates Fall Below 5% For The First Time Since April
Mortgage rates nosedived by 31 basis points last week, dropping below 5% for the first time since April, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 4.99%. Last week it averaged 5.30%, and a year ago at this time, the 30-year FRM averaged 2.77%. “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.” Recession fears are adding to a dip in homebuyer demand spurned on…