Mortgage Rates Drop Below Five Percent 8/04/2022

“Mortgage rates slid down again this week but remain elevated compared to this time last year,” said Sam Khater, Freddie Mac’s Chief Economist. “Potential homebuyers have been watching rates closely and are waiting to come off the sidelines. However, inventory challenges persist as the number of existing homes for sale remains very low. Though, a recent rebound in single-family housing starts is an encouraging development that will hopefully extend through the summer.”

News Facts

  • The 30-year fixed-rate mortgage averaged 6.67 percent as of June 22, 2023, down from last week when it averaged 6.69 percent. A year ago at this time, the 30-year FRM averaged 5.81 percent.
  • The 15-year fixed-rate mortgage averaged 6.03 percent, down from last week when it averaged 6.10 percent. A year ago at this time, the 15-year FRM averaged 4.92 percent.

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Mike McNamara

Mike McNamara

A Las Vegas Realtor since 2008. Mike has a wide range of knowledge around all things Las Vegas.

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