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Mortgage rates drop but still at 22-year high

Mortgage rates ticked down modestly after job openings data for July came out yesterday, but rates remain elevated. 

Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 7.18% as of Aug. 31, down from last week’s 7.23%. By contrast, the 30-year fixed-rate mortgage was at 5.66% a year ago at this time.

“Despite continued high rates, low inventory is keeping house prices steady,” said Sam Khater, Freddie Mac’s chief economist. “Recent details ⇒

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