Realty World - Sierra PropertiesLicense #: 00319644

Realty World - Sierra PropertiesLicense #: 00319644

Home Loan Interest Rates Continue to Fluctuate

Purchase demand continues to tumble as the cumulative impact of higher rates, elevated home prices, increased recession risk, and declining consumer confidence take a toll on homebuyers. It’s clear that over the past two years, the combination of the pandemic, record low mortgage rates, and the opportunity to work remotely spurred greater demand. Now, as the market adjusts to a higher rate environment, we are seeing a period of deflated sales activity until the market normalizes.

Primary Mortgage Market Survey®
U.S. weekly averages as of 07/28/2022:

30-Year Fixed Rate Mortgages 5.3%
1 Year ago it was 2.5%

15-Year Fixed Rate Mortgages 4.58%
1 Year ago it was 2.48%

Source: https://www.freddiemac.com/pmms   NOTE: Interesting chart at this site shows Mortgage Rates Data Since 1971

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