Mortgage Rates Continue to Rise, Freddie Mac Says
May 12 2022 - 10:29AM
Dow Jones News
By Will Feuer
Mortgage rates continued to rise in the latest week, with the
30-year fixed-rate mortgage edging 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 rose to 5.30% from 5.27% last week. A year ago
this week, the average rate was 2.94%.
Average 15-year rates were 4.48%, down from 4.52% a week ago and
2.26% a year ago.
The average rate on a five-year Treasury-indexed hybrid
adjustable-rate mortgage, or ARM, was 3.98%, up from 3.96% last
week. A year ago, the five-year ARM averaged 2.59%.
"Homebuyers continue to show resilience even though rising
mortgage rates are causing monthly payments to increase by about
one-third as compared to a year ago," Freddie Mac Chief Economist
Sam Khater said. "Several factors are contributing to this dynamic,
including the large wave of first-time homebuyers looking to
realize the dream of homeownership. In the months ahead, we expect
monetary policy and inflation to discourage many consumers,
weakening purchase demand and decelerating home price growth."
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
May 12, 2022 10:14 ET (14:14 GMT)
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