Mortgage Rates Slide Lower With Demand Drop on the Horizon
August 18 2022 - 9:38AM
Dow Jones News
By Dean Seal
Mortgage rates slipped lower this week as the housing market
continues to moderate from this year's surge in home prices and
sharp rate increases, housing-finance agency Freddie Mac said.
In the week ending Thursday, the average rate on a 30-year
fixed-rate mortgage fell to 5.13% from 5.22% last week. A year ago
this week, the average rate was 2.86%.
Average 15-year rates were 4.55%, down from 4.59% a week ago,
Freddie Mac said. A year ago, the average 15-year fixed-rate
mortgage rate was 2.16%.
The average rate on a five-year Treasury-indexed hybrid
adjustable-rate mortgage, or ARM, was 4.39%, down from 4.43% last
week. A year ago, the five-year ARM averaged 2.44%.
"Inflation appears to be beyond its peak, which has stopped the
rapid increase in mortgage rates that the housing market was
experiencing earlier this year," said Sam Khater, Freddie Mac's
Chief Economist. "The market continues to absorb the cumulative
impact of the large price and rate increases that led to a plunge
in affordability.
"As a result, over the rest of the year purchase demand likely
will continue to drag, supply will modestly increase, and home
price growth will decelerate," he said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
August 18, 2022 10:23 ET (14:23 GMT)
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