# Mortgage Rates Drop Below 5% from 5.81%

**URL:** <https://discussion.fool.com/t/mortgage-rates-drop-below-5-from-5-81/73638>\
**Category:** Destiny Solutions Corporation\
**Created:** [August 10, 2022, 8:14am UTC](https://discussion.fool.com/t/mortgage-rates-drop-below-5-from-5-81/73638 "2022-08-10T08:14:43Z")\
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**Author:** ![Cat9MixCloud](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/cat9mixcloud/32/39218_2.png) [@Cat9MixCloud](https://discussion.fool.com/u/Cat9MixCloud)\
**Post date:** [August 10, 2022, 8:14am UTC](https://discussion.fool.com/t/mortgage-rates-drop-below-5-from-5-81/73638/1 "2022-08-10T08:14:43Z")

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**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**

[https://www.cnn.com/2022/08/04/homes/mortgage-rates-august-4…](https://www.cnn.com/2022/08/04/homes/mortgage-rates-august-4/index.html)

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.