News: July 8, 2022. The 30-Year Fixed-Rate Mortgage Averaged 5.30%. It Dropped Significantly

The Primary Mortgage Market Survey® (PMMS®), (reference)showed that the 30-year fixed-rate mortgage (FRM) averaged 5.30% in the last week as reported on July 7, 2022. The previous week it was 5.70%. This represents a significant drop.

The demand for loans has decreased significantly. It seems that the would-be home buyers are having difficulty affording the loans. The inflation rate remains high. Energy prices are high too. Could this be the first indication of a home price collapse?

Read the following article for more information

This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.