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Mortgage rates slide below 5%

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tug of war between inflation and economic growth Lowered mortgage rates below 5% for the first time since April.

“With the high degree of uncertainty surrounding inflation and other factors, interest rates are likely to remain volatile, especially federal reserve system We are trying to navigate the current economic environment,” said Sam Cater, chief economist at Freddie Mac.

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FMCC Federal Mortgage Mortgage Corporation 0.5805 -0.01 -0.94%

The National Association of Realtors said interest rates may have plateaued.

Mortgage interest rate peak NAR chief economist Lawrence Yun told Fox Business. Lower inflation means less aggressive interest rates by the Federal Reserve. ”

Jobless claims rise again, hovering near eight-month high

According to Freddie Mac:

  • Benchmark 30-year mortgage rates fell for the second straight week, averaging 4.99%, down 0.8% from last week’s 5.30%. A year ago, this rate he was 2.77%.
  • The 15-year rate fell 0.6% to 4.26%. Last year, the average interest rate on a 15-year fixed-rate mortgage was 2.10% for him.
  • The average yield on 5-year Treasury Indexed Hybrid Floating Rate Home Loans (ARMs) fell from 4.29% to 4.25%. A year ago to this point, the 5-year ARM averaged 2.40%.

Homes built by KB Homes for sale on January 4, 2011 in Carlsbad, California. (Photo by REUTERS/Mike Blake/Reuters)

“Mortgage rates could rise soon, but are unlikely to return to the 6% range. Any drop should be viewed as a second chance.”

– Lawrence Yun, Chief Economist, National Association of Realtors

“Lower mortgage rates are a relief to potential homebuyers,” Yoon added. “While still higher than a year ago, the current sub-5% interest rate means monthly payments are down about 12% compared to when mortgage rates peaked at 6% just two months ago. means to

“Mortgage rates could rise soon, but are unlikely to touch the 6% mark again. A drop should be viewed as a second chance.”

Inflation jumped 9.1% in June, accelerating faster than expected to a 40-year high

Drops are served as the latest Unemployment insurance claim data Initial filings for the week ending July 30 were 260,000, an increase of 6,000 from the previous week’s modified levels.

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RDFN Redfin Co., Ltd. 9.03 +0.23 +2.61%
RLGYMore na na na na
RKT Rocket Companies Inc. 10.12 -0.12 -1.22%

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the labor ministry said shelter component The consumer price index rose 5.6% in June, with rents rising 5.8% and comparable home rents for homeowners rising 5.5%. The Shelter Index increase was the largest 12-month increase since February 1991.

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