Mortgage Rates Rise Amid Volatility, Freddie Mac Says
July 14 2022 - 10:29AM
Dow Jones News
By Will Feuer
Mortgage rates rose this week as slowing economic growth drives
volatility, housing-finance agency Freddie Mac said.
In the week ending Thursday, the average rate on a 30-year
fixed-rate mortgage rose to 5.51% from 5.30% last week. A year ago
this week, the average rate was 2.88%.
Average 15-year rates were 4.67%, up from 4.45% a week ago,
Freddie Mac said. A year ago, the average 15-year fixed-rate
mortgage rate was 2.22%.
The average rate on a five-year Treasury-indexed hybrid
adjustable-rate mortgage, or ARM, was 4.35%, up from 4.19% last
week. A year ago, the five-year ARM averaged 2.47%.
"Mortgage rates are volatile as economic growth slows due to
fiscal and monetary drags," said Sam Khater, Freddie Mac's chief
economist. "With rates the highest in over a decade, home prices at
escalated levels, and inflation continuing to impact consumers,
affordability remains the main obstacle to homeownership for many
Americans."
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
July 14, 2022 10:14 ET (14:14 GMT)
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