30-Year Fixed-Rate Mortgage Drops

Over the last two weeks the 30-year fixed-rate mortgage dropped by half a percent, while concerns about a potential recession continue to rise, Freddie Mac reported today. The average for the 30-year fixed-rate mortgage this week now stands 5.3 percent, while the 15-year firm is 4.45 percent.

Freddie Mac also noted that “while the drop provides minor relief to buyers, the housing market will continue to nomalize if home price growth materially slows due to the combination of low housing affordability and an expected econo0mic slowdown.”