Mortgage Rates Rise Further Above 5%, Freddie Mac Says
May 05 2022 - 10:29AM
Dow Jones News
By Will Feuer
Mortgage rose in the latest week, with the 30-year fixed-rate
mortgage moving further above 5%, according to housing-finance
agency Freddie Mac.
In the week ending Thursday, the average rate on a 30-year
fixed-rate mortgage fell slightly to 5.27% from 5.10% last week. A
year ago this week, the average rate was 2.96%.
Average 15-year rates were 4.52%, up from 4.40% a week ago and
2.30% a year ago.
The average rate on a five-year Treasury-indexed hybrid
adjustable-rate mortgage, or ARM, was 3.96%, up from 3.78% last
week. A year ago, the five-year ARM averaged 2.70%.
"Mortgage rates resumed their climb this week as the 30-year
fixed reached its highest point since 2009," Freddie Mac Chief
Economist Sam Khater said. "While housing affordability and
inflationary pressures pose challenges for potential buyers, house
price growth will continue but is expected to decelerate in the
coming months."
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
May 05, 2022 10:14 ET (14:14 GMT)
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