By Will Feuer

 

Mortgage rates continued to climb for a fifth consecutive week, housing-finance agency Freddie Mac said.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage rose to 6.70% from 6.29% last week. A year ago, the average rate was 3.01%.

Average 15-year rates were 5.96%, up from 5.44% last week, Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate averaged 2.28%.

The average rate on a five-year Treasury-indexed hybrid adjustable-rate mortgage, or ARM, was 5.30%, up from 4.97% last week. A year ago, the five-year ARM averaged 2.48%.

"The uncertainty and volatility in financial markets is heavily impacting mortgage rates," said Sam Khater, Freddie Mac's chief economist. "Our survey indicates that the range of weekly rate quotes for the 30-year fixed-rate mortgage has more than doubled over the last year. This means that for the typical mortgage amount, a borrower who locked- in at the higher end of the range would pay several hundred dollars more than a borrower who locked-in at the lower end of the range."

 

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

September 29, 2022 10:14 ET (14:14 GMT)

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