HOMZ - Mortgage rates retreat below 5% first time after 5 months

• 30-year fixed-rate mortgage averaged 4.99% with an average 0.8 point for the week ending Aug.4, down from last week when it averaged 5.30%. it is significantly still higher than the rate of 2.77% a year ago, according to the Freddie Mac Primary Mortgage Survey.
• This clearly indicates a Federal Reserve monetary policy that has led to a “technical recession” in the U.S. economy; Fed raised interest rates by 75 basis points in its July's meeting, marking its fourth rate hike this year for controlling inflation.
• 15-year fixed-rate mortgage averaged 4.26% with an average 0.6 point, down from last week when it averaged 4.58% and higher from 2.10% a year ago.
• 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 4.25% with an average 0.3 point, down from last week when it averaged 4.29% and higher than 2.40% a year ago.
• Homebuilding stocks: ( DHI ), ( KBH ), ( LEN ), ( TOL ), ( PHM ), ( NVR )
• ETFs Watch: ( XHB ), ( REM ), ( REZ ), ( HOMZ )

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