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August 5, 2022

Mortgage rates drop under 5%

  • The 30-year rate tumbled to 4.99% last week. A year ago, the rate was 2.77%.
    • By MATT OTT
    AP Business Writer

    WASHINGTON — The average long-term U.S. mortgage rate fell below 5% for the first time in four months, days after the Federal Reserve jacked up its main borrowing rate in an aggressive effort to get inflation under control.

    The 30-year rate tumbled to 4.99% from 5.3% last week, mortgage buyer Freddie Mac reported Thursday. A year ago, the rate was 2.77%.


     
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