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Mortgage Rates Slip Below 5%

Mortgage rates, or interest rates on home loans, drop below 5 percent mark since April, 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 4.99 percent for the week ending August 4, 2022, down from 5.30 percent last week. A year ago at this time, the average rate was 2.77 percent.

The 15-year FRM this week averaged 4.26 percent, down from 4.58 percent last week. A year ago at this time, the 15-year FRM averaged 2.10 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 4.25 percent, down from 4.29 percent last week. It was 2.40 percent a year ago.

"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."

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