Mortgage Rates Top 4% For First Time Since 2019, Freddie Mac Says
March 17 2022 - 10:31AM
Dow Jones News
By Will Feuer
Mortgage rates rose again in the latest week, topping 4% for the
first time since May 2019, according to housing-finance agency
Freddie Mac.
In the week ending Thursday, the average rate on a 30-year
fixed-rate mortgage rose to 4.16% from 3.85% last week. A year ago
this week, the average rate was 3.09%.
Average 15-year rates were 3.39%, up from 3.09% a week ago and
2.40% a year ago.
The average rate on a five-year Treasury-indexed hybrid
adjustable-rate mortgage, or ARM, was 3.19%, up from 2.97% last
week. A year ago, the five-year ARM averaged 2.79%.
"The Federal Reserve raising short-term rates and signaling
further increases means mortgage rates should continue to rise over
the course of the year," Freddie Mac Chief Economist Sam Khater
said. "While home purchase demand has moderated, it remains
competitive due to low existing inventory, suggesting high house
price pressures will continue during the spring home-buying
season."
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
March 17, 2022 10:16 ET (14:16 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Federal Home Loan Mortgage (QB) (USOTC:FMCC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Federal Home Loan Mortgage (QB) (USOTC:FMCC)
Historical Stock Chart
From Apr 2023 to Apr 2024