Mortgage Rates Edge Higher, Freddie Mac Says
June 23 2022 - 10:29AM
Dow Jones News
By Dean Seal
Mortgage rates inched higher this week, extending a sharp rise
that started earlier this month, according to housing-finance
agency Freddie Mac.
In the week ending Thursday, the average rate on a 30-year
fixed-rate mortgage edged higher to 5.81% from 5.78% last week. A
year ago this week, the average rate was 3.02%.
Average 15-year rates were 4.92%, up from 4.81% a week ago and
2.34% a year ago.
The average rate on a five-year Treasury-indexed hybrid
adjustable-rate mortgage, or ARM, was 4.41%, up from 4.33% last
week. A year ago, the five-year ARM averaged 2.53%.
"Fixed mortgage rates have increased by more than two full
percentage points since the beginning of the year," said Sam
Khater, Freddie Mac's chief economist. "The combination of rising
rates and high home prices is the likely driver of recent declines
in existing home sales. However, in reality many potential
homebuyers are still interested in purchasing a home, keeping the
market competitive but leveling off the last two years of red-hot
activity."
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 23, 2022 10:14 ET (14:14 GMT)
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