Mortgage Rate Update – Rates Retreat Giving Hope to Prospective Buyers

By Douglas Katz – 07/08/2022

Per Freddie Mac:

Over the last two weeks, the 30-year fixed-rate mortgage dropped by half a percent, as concerns about a potential recession continue to rise. While the drop provides minor relief to buyers, the housing market will continue to normalize if home price growth materially slows due to the combination of low housing affordability and an expected economic slowdown.

Some key takeaways: