Mortgage Rates Ease

July 5, 2022
Mortgage-Rates-Ease
For the week ending June 30, 30-year rates fell to 5.70% from 5.81% the week before.

 

In addition, 15-year loans decreased to 4.83% and the average for five-year ARMs rose to 4.50%. A year ago, 30-year fixed rates averaged 2.98%, almost 3.00% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “The rapid rise in mortgage rates has finally paused, largely due to the countervailing forces of high inflation and the increasing possibility of an economic recession. This pause in rate activity should help the housing market rebalance from the breakneck growth of a seller’s market to a more normal pace of home price appreciation.” 

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rates
Updated July 1, 2022

Daily Value

Monthly Value

June 30

May

6-month Treasury Security

2.51%

1.49%

1-year Treasury Security

2.80%

2.06%

3-year Treasury Security

2.99%

2.79%

5-year Treasury Security

3.01%

2.87%

10-year Treasury Security

2.98%

2.90%

12-month LIBOR

2.775% (May)

12-month MTA

0.644% (May)

SOFR Index

1.044% (May)

Prime Rate

4.75% (6/22)