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US mortgage rates barely fall and the 30-year rate remains at 5.13%

US mortgage rates barely fall and the 30-year rate remains at 5.13%

Freddie Mac released the results of its Prime Mortgage Market Survey (PMMS)showing that 30 year fixed rate mortgage (FRM) 5.13% on average.

“Inflation appears to be past its peak, halting the rapid rise in mortgage rates that occurred in the housing market earlier this year”said Sam Khater, chief economist at Freddie Mac.

The market continues to absorb the cumulative impact of large price and fee increases that have reduced affordability. As a result, during the rest of the year, Purchase demand is likely to remain sluggish, supply will rise modestly, and house price growth will slowKhater explained.

So were the rates

US weekly average mortgage rates as of August 18, 2022 (Freddie Mac).

30 year mortgage

The 30 year fixed rate mortgage averaged 5.13% and averaged 0.8 points as at 18 August 2022, down from last week when it averaged 5.22%. A year ago at this time, the 30-year FRM averaged 2.86%.

15 year mortgage

The 15-year fixed rate mortgage averaged 4.55% with an average of 0.7 points, down from last week when it averaged 4.59%. A year ago at this time, the 15-year FRM averaged 2.16%.

hybrid mortgage

The average 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) of 4.39% averaged 0.3 basis points., down from last week when it averaged 4.43%. A year ago at this time, the average 5-year ARM was 2.43%.

PMMS focuses on conforming, fully amortized conventional home purchase loans for borrowers who make a 20 percent down payment and have excellent credit.

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