Mortgage rates have decreased, with the 30-year fixed-rate mortgage averaging 5.30 percent, down from 5.70 percent last week. The 15-year FRM also dropped to 4.45 percent from 4.83 percent. The 5-year ARM averaged 4.19 percent, down from 4.50 percent. Freddie Mac’s Chief Economist, Sam Khater, noted that concerns about a potential recession have contributed to the rate decrease. This drop in rates may provide some relief to buyers, but the housing market is expected to continue normalizing as home price growth slows due to low affordability and an anticipated economic slowdown.

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