Mortgage rates for 30-year loans fall back under 5%.

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According to Freddie Mac, mortgage rates decreased this week, with the 30-year loan once again falling below the 5% threshold.

According to Freddie Mac’s Primary Mortgage Market Survey , the average rate on a 30-year fixed-rate mortgage decreased to 4.99% for the week ending August 4. This is up from 2.77% last year but down from previous week’s average of 5.3%.

Similar to the 30-year mortgage, the 15-year mortgage saw a decline to 4.26% from 4.58% last week but an increase from 2.1% in 2017. The hybrid adjustable-rate mortgage (ARM) with a five-year Treasury index dropped to 4.25%. This is up from 2.4% last year but is down from 4.29% last week.

Mortgage rates continued to fluctuate because of the struggle between inflationary pressures and an obvious slowdown in economic development, according to Sam Khater, chief economist at Freddie Mac. Rates will probably stay unpredictable because of the high level of uncertainty surrounding inflation and other issues, particularly as the Federal Reserve tries to navigate the current economic situation.

Consider refinancing your loan to lower your monthly mortgage payment or save money over the course of the loan if you’re interested in taking advantage of lower mortgage rates. Visit obtain your customized interest rate without hurting your credit score, go to Credible.


Mortgage rates are pushed lower by recession talk. Recently, Fannie Mae predicted that a recession in the economy is likely to occur this year. According to a commentary published in July by the mortgage company’s Economic and Strategic Research (ESR) Group, real gross domestic product (GDP) will rise 0.1% in 2022 before falling 0.4% the following year.

According to the Bureau of Economic Analysis, real GDP shrank by 1.6% yearly in the first quarter of 2022. (BEA). In the second quarter, the GDP shrank once more by 0.9% yearly, officially entering a recession.

The recession narrative is playing a significant role in market psychology and investor expectations, as we see the steep upward surge in rates moderate more obviously, according to George Ratiu, manager of economic research at, said in a statement .

You might think about refinancing your mortgage if you want to benefit from cheap mortgage rates while they last. To evaluate several mortgage lenders at once and select the one with the best interest rate for you, go to Credible.

A “MILD RECESSION” is predicted by the Bank of America for this year.

Interest rates are likely to increase further from the FED. In an effort to battle increasing inflation, the Federal Open Market Committee (FOMC) increased rates by 75 basis points at its meeting in July, bringing the federal funds rate target range from 2.25% to 2.5%. Previously, the Federal Reserve increased interest rates by 75 basis points in June, which was the biggest rate increase since 1994. And the central bank will probably raise rates again in the near future.

In a statement at the time of the Fed’s pronouncement in July, Mike Fratantoni, senior vice president and chief economist of the Mortgage Bankers Association (MBA), said, “Inflation continues to run too high, and the Fed remains dedicated to decreasing it, even if it leads to a recession.” “Through at least the rest of this year, additional rate increases are already anticipated. The overwhelming approval of this rate hike highlights the dedication to this course.”

Mortgage rates will probably increase as the Fed raises the federal funds rate. By refinancing your mortgage, you can benefit from the reduced mortgage rates currently available. Contact Credible to chat with a mortgage loan professional and get your questions answered to determine if this is the best option for you.

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