July 07, 2022 14:12 GMT
- The Freddie Mac 30Y fixed rate fell 40bps to 5.30% this week, marking a 51bp decline from the Jun 23 weak.
- It comes with the sizeable rolling over in Treasury yields as growth fears have increased, and remains 220bp higher year to date.
- Bloomberg reports: “While the drop provides minor relief to buyers, the housing market will continue to normalize if home-price growth materially slows due to the combination of low housing affordability and an expected economic slowdown,” said Sam Khater, Freddie Mac’s chief economist.
US 30Y Freddie Mac mortgage rate (yellow), 30Y Tsy (green) and differential (red)Source: Bloomberg