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Mortgage rates fall sharply after negative GDP report and Fed’s latest hike

By Third PartyJuly 30, 2022

Source: CNBC —

Just one day after the Federal Reserve raised its benchmark rate, mortgage rates took a sharp turn lower.

The average rate on the popular 30-year fixed mortgage fell to 5.22% on Thursday from 5.54% on Wednesday, when the Fed announced its latest rate hike, according to Mortgage News Daily. The rate fell even further Friday to 5.13%.