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Freddie Mac (OTC:FMCC), the government-backed home loan agency, said on Thursday that mortgage rates dropped below 5%.
They stated that the 30-year fixed-rate mortgage rate continued to decline. Last month, it dropped to 5.3%, down from 5.7%in the previous week, while it averaged 4.99% with an average 0.8 points as of August 4, down from last week when it averaged 5.30%.
Around this time last year, the 30-year fixed-rate mortgage averaged 2.77%.
The continued decline follows a steep rise in mortgage rates this year with the Federal Reserve’s aggressive rate hikes to combat inflation.
Meanwhile, the 15-year fixed-rate mortgage averaged 4.26% with an average 0.6 points, down from last week when it averaged 4.58 percent.
