Mortgage Rates Rise Further Above 5%, Freddie Mac Says

By Will Feuer

Mortgage rose in the latest week, with the 30-year fixed-rate mortgage moving further above 5%, according to housing-finance agency Freddie Mac.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage fell slightly to 5.27% from 5.10% last week. A year ago this week, the average rate was 2.96%.

Average 15-year rates were 4.52%, up from 4.40% a week ago and 2.30% a year ago.

The average rate on a five-year Treasury-indexed hybrid adjustable-rate mortgage, or ARM, was 3.96%, up from 3.78% last week. A year ago, the five-year ARM averaged 2.70%.

"Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009," Freddie Mac Chief Economist Sam Khater said. "While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming months."

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

(END) Dow Jones Newswires

May 05, 2022 10:14 ET (14:14 GMT)

Federal Home Loan Mortgage (QB) (USOTC:FMCC)
Historical Stock Chart
From Mar 2024 to Apr 2024