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Mortgage Rates Dipped This Week

Steve Goode
Jul 28, 2022
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Freddie Mac’s weekly Primary Mortgage Market Survey shows fixed mortgage rates decreased as purchase demand continued to tumble.

Freddie Mac’s weekly Primary Mortgage Market Survey report, released Thursday, shows that fixed mortgage rates decreased this week. 

Rates dipped to 5.3% from 5.54% last week, with purchase demand continuing to tumble due to the cumulative effects of higher rates, elevated home prices, increased recession risk, and declining consumer confidence taking a toll on home buyers, according to Freddie Mac Chief Economist Sam Khater.

“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,” Khater said. “Now, as the market adjusts to a higher rate environment, we are seeing a period of deflated sales activity until the market normalizes.”

 According to the report:

  • 30-year fixed-rate mortgage averaged 5.3% with an average 0.8 point as of July 28th, down from last week when it averaged 5.54%. A year ago at this time, the 30-year FRM averaged 2.8%.
  • 15-year fixed-rate averaged 4.58% with an average 0.8 point, down from last week when it averaged 4.75%. A year ago at this time, the 15-year FRM averaged 2.10%.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.29% with an average 0.3 point, down from last week when it averaged 4.31%. A year ago at this time, the 5-year ARM averaged 2.45%.

The survey is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.

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Jul 28, 2022
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