Freddie Mac’s Primary Mortgage Market Survey (PMMS) results show that the 30-year fixed-rate mortgage (FRM) averaged 5.3% with an average 0.8 point as of July 7, down from last week, when it averaged 5.7%.
A year ago at this time, the 30-year FRM averaged 2.90%.
“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,” says 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.”
The 15-year fixed-rate mortgage averaged 4.45% with an average 0.8 point, down from last week when it averaged 4.83%. A year ago at this time, the 15-year FRM averaged 2.20%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.19% with an average 0.4 point, down from last week when it averaged 4.50%. A year ago at this time, the 5-year ARM averaged 2.52%.