Mortgage rates slow their ascent

New data from Freddie Mac

Mortgage rates slow their ascent

The rapid rise in mortgage rates has finally paused, Freddie Mac’s Primary Mortgage Market Survey has revealed. According to the survey, the 30-year fixed rate mortgage averaged 5.7% - down from the prior week when it averaged 5.81% – which chief economist Sam Khater attributed to the opposing forces of high inflation and the increasing likelihood of economic recession.

A year ago at this time, the 30-year FRM averaged 2.98%.

Read more: Asking prices drop as rate hikes slow market activity

“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,” Khater said.

The same survey showed that the 15-year FRM averaged 4.83%, down from the previous week’s recorded 4.92% and up from the previous year’s average of 2.26%.

Read next: Freddie Mac announces new initiative to help renters achieve homeownership

Freddie Mac’s Primary Mortgage Market Survey focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with excellent credit and 20% down. Average commitment rates are reported with average fees and points to reflect the total upfront cost of obtaining the mortgage.