Mortgage Rates Hit 4.99%, Dropping Below 5% for First Time Since April
Mortgage Rates Hit 4.99%, Dropping Below 5% for First Time Since April
Abstract
The average rate on a 30-year fixed-rate mortgage is 4.99% this week, down from 5.30% a week earlier, according to a survey by mortgage giant Freddie Mac. Elevated mortgage rates are one of the most direct effects on consumers from the Federal Reserve’s campaign to combat inflation. The central bank lifted its key policy rate by 0.75 percentage point last month. Those rates have fallen swiftly in recent weeks.
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