For the week ending July 28, 30-year rates fell to 5.30% from 5.54% the week before.

Mortgage rates fell sharply in the past week. For the week ending July 28, 30-year rates fell to 5.30% from 5.54% the week before. In addition, 15-year loans decreased to 4.58% and the average for five-year ARMs declined to 4.29%. A year ago, 30-year fixed rates averaged 2.80%, 2.50% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Purchase demand continues to tumble as the cumulative impact of higher rates, elevated home prices, increased recession risk, and declining consumer confidence take a toll on homebuyers. It’s clear that over the past two years, the combination of the pandemic, record low mortgage rates, and the opportunity to work remotely spurred greater demand. Now, as the market adjusts to a higher rate environment, we are seeing a period of deflated sales activity until the market normalizes.” 

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 29, 2022