Mortgage Rates Drop Below 5%
Updated: Sep 29, 2022
For the first time since April, Rates hit 4.99% last week, falling swiftly from 13-year high of 5.81% in June.
In Summary, last week:
Inflation was at 9.1%
Wages and salaries were up 5.7% year over year
Rents rose 12.3% year over year
Oil supply is low and can affect inflation
The average rate on a 30-year fixed-rate mortgage was down from 5.30% a week earlier, according to a survey by mortgage giant Freddie Mac published last Thursday, offering a reprieve to prospective home buyers who have been hit this year with higher rates and surging prices. But with last Thursday's swirling headlines, those on the inside track shared it was somewhat old news considering the availability of even lower rates the week before (!), so be sure you are matched with a Lender who is tracking the volatility of our market and striking when the best rate can be secured.