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.