August 19th, 2022 10:37 AM by Joe Minotto
U.S. mortgage rates have continued to decrease, dropping below 5% for the first time in four months. Earlier this month, the 30-year fixed-rate mortgage fell to an average of 4.99%, according to Freddie Mac.
A week earlier, rates hovered around 5.30%. It was the most significant mortgage rate drop since early July. The rising cost of borrowing contributed to the steep drop in housing demand in June, while housing prices continued to decline as well. However, they were still higher than they were at this time last year.1
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