General World News

Cheer up, at least purchase mortgage rates are now below 5%

Purchase mortgage rates dropped for the third consecutive week and are now below the 5% level, reflecting a Federal Reserve monetary policy that has led to a “technical recession” in the U.S. economy.

According to the latest purchase mortgage survey from Freddie Mac, the 30-year fixed-rate mortgage declined this week to average 4.99%, down from last week’s 5.30%. A year ago this time, rates averaged 2.77%. The index compiles rates reported by lenders during the past three days.   

“Mortgage rates remained volatile due to the tug of war between inflationary pressures and a clear slowdown in economic growth,” Sam Khater, details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com