Source: CNN —
Mortgage rates ticked lower last week, falling back toward the 5% mark following economic reports that indicated inflation might have finally peaked.
The 30-year fixed-rate mortgage averaged 5.13% in the week ending August 18, down from 5.22% the week before, according to Freddie Mac. Despite the latest drop, rates are still significantly higher than this time last year, when the 30-year was 2.86%.
After starting the year at 3.22%, mortgage rates rose sharply during the first half of the year, hitting a high of 5.81% in mid-June. But since then, concerns about the economy and the Federal Reserve’s mission to combat inflationhave made them more volatile.
Great news, on trend with the coming cooling off period this South Metro, MN market needs.