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You are here: Home / Blog / Market Trends

Mortgage rates drop below 5 percent

August 4, 2022

Mortgage Interest Rates
Freddie Mac today released the results of its Primary Mortgage Market Survey®, showing that the 30-year fixed-rate mortgage (FRM) averaged 4.99 percent.

“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.”

Mortgage rates: August 4, 2022:
  • The 30-year fixed-rate mortgage averaged 4.99 percent with an average 0.8 point as of August 4, 2022, down from last week when it averaged 5.30 percent. A year ago at this time, the 30-year FRM averaged 2.77 percent.
  • The 15-year fixed-rate mortgage averaged 4.26 percent with an average 0.6 point, down from last week when it averaged 4.58 percent. A year ago at this time, the 15-year FRM averaged 2.10 percent.

The PMMS® is focused on conventional, conforming, fully-amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Borrowers may still pay closing costs which are not included in the survey.

Filed Under: Market Trends Tagged With: Mortgage Interest Rates

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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
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