For the week ending July 7, 30-year rates fell to 5.30% from 5.70% the week before.
In addition, 15-year loans decreased to 4.45% and the average for five-year ARMs eased to 4.19%. A year ago, 30-year fixed rates averaged 2.90%, almost 2.50% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “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. 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.”
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 8, 2022
|
Daily Value
|
Monthly Value
|
|
July 7
|
June
|
|
6-month Treasury Security
|
2.64%
|
2.17%
|
|
1-year Treasury Security
|
2.87%
|
2.65%
|
|
3-year Treasury Security
|
3.05%
|
3.15%
|
|
5-year Treasury Security
|
3.05%
|
3.19%
|
|
10-year Treasury Security
|
3.01%
|
3.14%
|
|
12-month LIBOR
|
|
3.564% (June)
|
|
12-month MTA
|
|
0.859% (June)
|
|
SOFR Index
|
|
1.045% (June)
|
|
Prime Rate
|
|
4.75% (6/22)
|