30-year mortgage rates drop to 5.13%

by Calculated risk on 7/31/2022 10:51:00 AM

After hitting 6.28% on June 14, 30-year mortgage rates fell to 5.13% on Friday according to Mortgagenewsdaily.com. The 10-year Treasury yield fell to 2.66%, likely due to a weak economy.

Below is a graph from Mortgagenewsdaily.com showing the 30-year mortgage rate since 2017.

Although mortgage rates have fallen sharply over the past six weeks, rates are still much higher than they were earlier this year.

Last year, in July 2021, 30-year mortgage rates averaged 2.87% according to Freddie Mac PMMS. Therefore, rates are up 79% year over year!

Related Posts

Leave a Reply

Your email address will not be published.