Mortgage Rates Drop Below 5% from 5.81%

CNN Business headline: Mortgage rates drop below 5% for first time since April

Anna Bahney byline
By Anna Bahney, CNN Business

Updated 10:02 AM ET, Thu August 4, 2022…

Mortgage rates dropped for the second week in a row, falling below 5% for the first time since mid-April.

The 30-year fixed-rate mortgage averaged 4.99% in the week ending August 4, down from 5.3% the week before, according to Freddie Mac. But that is still significantly higher than this time last year when it was 2.77%.

Rates rose sharply at the start of the year, hitting a high of 5.81% in mid-June. But since then, economic concerns have made them more volatile.