Mortgage Rates Top 4% For First Time Since 2019, Freddie Mac Says

By Will Feuer

Mortgage rates rose again in the latest week, topping 4% for the first time since May 2019, according to housing-finance agency Freddie Mac.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage rose to 4.16% from 3.85% last week. A year ago this week, the average rate was 3.09%.

Average 15-year rates were 3.39%, up from 3.09% a week ago and 2.40% a year ago.

The average rate on a five-year Treasury-indexed hybrid adjustable-rate mortgage, or ARM, was 3.19%, up from 2.97% last week. A year ago, the five-year ARM averaged 2.79%.

"The Federal Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the course of the year," Freddie Mac Chief Economist Sam Khater said. "While home purchase demand has moderated, it remains competitive due to low existing inventory, suggesting high house price pressures will continue during the spring home-buying season."

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

March 17, 2022 10:16 ET (14:16 GMT)

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