TOL - Mortgage rates fall after Fed announces big rate hike
- 30-year fixed-rate mortgage averaged 5.30% with an average 0.8 point for the week ending July 28, down from last week when it averaged 5.54% and higher than 2.80% a year ago, according to the Freddie Mac Primary Mortgage Survey .
- 15-year fixed-rate mortgage averaged 4.58% with an average 0.8 point, down from last week when it averaged 4.75% and higher from 2.10% a year ago.
- 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 4.29% with an average 0.3 point, down from last week when it averaged 4.31% and higher than 2.45% a year ago.
- "It's clear that over the past two years, the combination of the pandemic, record low mortgage rates, and the opportunity to work remotely spurred greater demand. Now, as the market adjusts to a higher rate environment, we are seeing a period of deflated sales activity until the market normalizes," chief economist Sam Khater commented.
- Homebuilding stocks: ( DHI ), ( KBH ), ( LEN ), ( TOL ), ( PHM ), ( NVR )
- ETFs Watch: ( XHB ), ( REM ), ( REZ ), ( HOMZ )
For further details see:
Mortgage rates fall after Fed announces big rate hike