Mortgage Rates Hit 5% For First Time in More Than a Decade, Freddie Mac Says
April 14 2022 - 10:29AM
Dow Jones News
By Will Feuer
Mortgage rates rose again in the latest week, with the average
30-year fixed-rate hitting 5% for the first time in more than a
decade, 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% from 4.72% last week. A year ago
this week, the average rate was 3.04%.
Average 15-year rates were 4.17%, up from 3.91% a week ago and
2.35% a year ago.
The average rate on a five-year Treasury-indexed hybrid
adjustable-rate mortgage, or ARM, was 3.69%, up from 3.56% last
week. A year ago, the five-year ARM averaged 2.8%.
"This week, mortgage rates averaged five percent for the first
time in over a decade," Freddie Mac Chief Economist Sam Khater
said. "As Americans contend with historically high inflation, the
combination of rising mortgage rates, elevated home prices and
tight inventory are making the pursuit of homeownership the most
expensive in a generation."
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
April 14, 2022 10:14 ET (14:14 GMT)
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