Freddie Mac's results of its Primary Mortgage Market Survey® shows that "The combination of higher mortgage rates and the slowdown in economic growth is weighing on the housing market. Home sales continue to decline, prices are moderating, and consumer confidence is low. But, amid waning demand, there are still potential homebuyers on the sidelines waiting to jump back into the market."

• 30-year fixed-rate mortgage (FRM) averaged 5.55 percent with an average 0.8 points for the week ending August 25, 2022, up from last month when it averaged 5.54 percent. A year ago, at this time, the 30-year FRM averaged 2.87 percent.

• 15-year FRM this week averaged 4.85 percent with an average 0.8 points, down from last month when it averaged 4.75 percent. A year ago, at this time, the 15-year FRM averaged 2.17 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.36 percent this week with an average 0.4 points, down from last month when it averaged 4.31 percent. A year ago, at this time, the 5-year ARM averaged 2.42 percent.