XHB - Mortgage rates reverse their upward trend to narrow down to 5.70%

• 30-year fixed-rate mortgage averaged 5.70% with an average 0.9 point for the week ending Jun. 30, down from last week when it averaged 5.81% and higher than 2.98% a year ago, according to the Freddie Mac Primary Mortgage Survey .
• The drop was led by countervailing forces of high inflation and the increasing possibility of an economic recession.
• 15-year fixed-rate mortgage averaged 4.83% with an average 0.9 point, down from last week when it averaged 4.92% and higher from 2.26% a year ago.
• 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 4.50% with an average 0.3 point, up from last week when it averaged 4.41% and higher than 2.54% a year ago.
• "This pause in rate activity should help the housing market rebalance from the breakneck growth of a seller’s market to a more normal pace of home price appreciation," Chief Economist Sam Khater commented.
• Homebuilding stocks: ( DHI ), ( LEN ), ( TOL ), ( PHM ), ( BLD ), ( NVR )
• ETFs Watch: ( XHB ), ( HOMZ ), ( REZ ), ( REM )

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