Purchase mortgage rates dropped after climbing for two consecutive weeks, reflecting increased recession risk and declining consumer confidence in a higher interest rate environment.

Purchase mortgage rates declined this week to average 5.30%, down from last week’s 5.54%, according to the latest PMMS survey from Freddie Mac. A year ago this time, rates averaged 2.80% The index compiles rates reported by lenders during the past three days.   

“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,” said Sam Khater, chief economist at Freddie Mac. 

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