Mortgage Rates Down Slightly, Freddie Mac Says
February 24 2022 - 10:29AM
Dow Jones News
By Matt Grossman
Mortgage rates declined slightly in the latest week, according
to government-backed housing-finance agency Freddie Mac, bringing
them off the recent highs reached following a steady climb in
recent months.
In the week ending Thursday, the average rate on a 30-year
fixed-rate mortgage decreased to 3.89% from 3.92% last week. A year
ago this week, the average rate was 2.97%.
Average 15-year rates were 3.14%, down from 3.15% a week ago,
but up from 2.34% a year ago.
The average rate on a five-year Treasury-indexed hybrid
adjustable-rate mortgage, or ARM, was 2.98%, the same as last week.
A year ago, the 5-year ARM averaged 2.99%
Despite the decline this week, rates are still significantly
higher over the last six months, Freddie Mac chief economist Sam
Khater said.
"As we enter the spring homebuying season with higher mortgage
rates and continued low inventory, we expect home price growth to
remain firm before cooling off later this year," Mr. Khater
said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
February 24, 2022 10:14 ET (15:14 GMT)
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