Today's Mortgage, Refinance Rates: August 6, 2022 | Rates Trend Down
The average 30-year fixed mortgage rate is over half a percentage point lower now than it was two weeks ago. Rates have been volatile in recent weeks, but have generally trended down as markets prepare for a possible recession.
The Federal Reserve has been raising the federal funds rate to try to tame inflation, and many now fear that it won't be able to do so without slowing the economy too much.
Some have even speculated that we're already in a recession, pointing to the fact that the gross domestic product has fallen two quarters in a row. But on Friday, the Bureau of Labor Statistics announced that the US added 528,000 jobs in July, which was well above what many economists had been expecting.
Mortgage rates may remain volatile …
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