Mortgage Rates Rise as Home Sales Decline
August 25 2022 - 10:29AM
Dow Jones News
By Will Feuer
Mortgage rates rose this week as home sales continue to decline
and prices moderate from the highs seen over the past couple of
years, housing-finance agency Freddie Mac said.
In the week ending Thursday, the average rate on a 30-year
fixed-rate mortgage rose to 5.55% from 5.13% last week. A year ago
this week, the average rate was 2.87%.
Average 15-year rates were 4.85%, up from 4.55% a week ago,
Freddie Mac said. A year ago, the average 15-year fixed-rate
mortgage rate was 2.17%.
The average rate on a five-year Treasury-indexed hybrid
adjustable-rate mortgage, or ARM, was 4.36%, down from 4.39% last
week. A year ago, the five-year ARM averaged 2.42%.
"The combination of higher mortgage rates and the slowdown in
economic growth is weighing on the housing market," said Sam
Khater, Freddie Mac's chief economist. "Home sales continue to
decline, prices are moderating, and consumer confidence is low.
But, amid waning demand, there are still potential homebuyers on
the sidelines waiting to jump back into the market."
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
August 25, 2022 10:14 ET (14:14 GMT)
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