Mortgage rates dropped for the second week in a row, falling below 5% for the first time since mid-April.
The 30-year fixed-rate mortgage averaged 4.99% in the week of August 4th, down from 5.3% the week before, according to Freddie Mac.
Rates rose aggressively at the start of the year, hitting a staggering rate of 5.81% in mid-June. However, mortgage rates continue to tug between inflationary pressures and a clear slowdown in the economy.
Reference: Anna Bahney, CNN Business