By by Calculated Risk on 7/31/2022 10:51:00 AM
After reaching 6.28% on June 14th, 30-year mortgage rates decreased to 5.13% on Friday according to Mortgagenewsdaily.com. The 10-year Treasury yield has fallen to 2.66%, likely due to the weaker economy.
Here is a graph from Mortgagenewsdaily.com that shows the 30-year mortgage rate since 2017.
Although mortgage rates have fallen sharply over the last 6 weeks, rates are still much higher than earlier this year.
Last year, in July 2021, 30-year mortgage rates average 2.87% according to the Freddie Mac PMMS. So, rates are up 79% year-over-year!
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