Mortgage rates dropped last week as fears grow that the US economy is entering a recession.
The 30-year fixed-rate mortgage averaged 5.30% in the week ending July 28, down from 5.54% the week before, according to Freddie Mac. That is still significantly higher than this time last year when it was 2.80%.
Rates rose sharply at the start of the year, hitting a high of 5.81% in mid-June. But since then, concerns about inflation and the possibility that the US economy may be entering a recession have made them more volatile.
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