Mortgage rates see largest decline since 2008

Posted on AllSides July 7th, 2022
From The Left

Mortgage rates dropped for the second week in a row, notching the largest decline since December, 2008.

The 30-year fixed-rate mortgage averaged 5.30% in the week ending July 7, down from 5.70% the week before, according to Freddie Mac. That is still significantly higher than this time last year when it was 2.90%

Rates rose sharply at the start of the year, hitting a high of 5.81% in mid-June. But since then, economic concerns have pushed them lower. The 40 basis point fall offset some of the significant rate increases...

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