Mortgage Rates Rise Amid Volatility, Freddie Mac Says

By Will Feuer

Mortgage rates rose this week as slowing economic growth drives volatility, housing-finance agency Freddie Mac said.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage rose to 5.51% from 5.30% last week. A year ago this week, the average rate was 2.88%.

Average 15-year rates were 4.67%, up from 4.45% a week ago, Freddie Mac said. A year ago, the average 15-year fixed-rate mortgage rate was 2.22%.

The average rate on a five-year Treasury-indexed hybrid adjustable-rate mortgage, or ARM, was 4.35%, up from 4.19% last week. A year ago, the five-year ARM averaged 2.47%.

"Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags," said Sam Khater, Freddie Mac's chief economist. "With rates the highest in over a decade, home prices at escalated levels, and inflation continuing to impact consumers, affordability remains the main obstacle to homeownership for many Americans."

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

(END) Dow Jones Newswires

July 14, 2022 10:14 ET (14:14 GMT)

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