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Mortgage Rates Drop

Mortgage rates, or interest rates on home loans, dropped from last week driven by concerns about a potential recession, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 5.30 percent for the week ending July 7, 2022, down from 5.70 percent last week. A year ago at this time, the average rate was 2.90 percent.

The 15-year FRM this week averaged 4.45 percent, down from 4.83 percent last week. A year ago at this time, the 15-year FRM averaged 2.20 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 4.19 percent, down from 4.50 percent last week. It was 2.52 percent a year ago.

"Over the last two weeks, the 30-year fixed-rate mortgage dropped by half a percent, as concerns about a potential recession continue to rise," said Sam Khater, Freddie Mac's Chief Economist. "While the drop provides minor relief to buyers, the housing market will continue to normalize if home price growth materially slows due to the combination of low housing affordability and an expected economic slowdown."

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