General World News

Purchase mortgage rates beginning to stabilize in the low 5% range

Purchase mortgage rates declined this week on the news that inflation appears to have peaked and appear to be stabilizing.

The 30-year fixed-rate mortgage decreased this week to an average of 5.13%, down from last week’s 5.22%, according to the latest purchase mortgage survey from Freddie Mac. A year ago this time, rates averaged 2.86%. The index compiles rates reported by lenders during the past three days.   

“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,” Sam Khater, chief economist at Freddie Mac, said in a details ⇒

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