Mortgage Rates Slip After Weeks Of Ascent

(RTTNews) - Mortgage rates, or interest rates on home loans, have slipped after surging for last few months, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 5.70 percent for the week ending June 30, 2022, down from 5.81 percent last week. A year ago at this time, the average rate was 2.98 percent.

The 15-year FRM this week averaged 4.83 percent, down from 4.92 percent last week. A year ago at this time, the 15-year FRM averaged 2.26 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 4.50 percent, up from 4.41 percent last week. It was 2.54 percent a year ago.

"The rapid rise in mortgage rates has finally paused, largely due to the countervailing forces of high inflation and the increasing possibility of an economic recession," said Sam Khater, Freddie Mac's Chief Economist. "This pause in rate activity should help the housing market rebalance from the breakneck growth of a seller's market to a more normal pace of home price appreciation."