Borrowing Costs Tick Up Again
Mortgage rates are showing volatility as the economy slows. The 30-year fixed-rate mortgage rose to an average of 5.51% this week, up from 5.3% last week, according to Freddie Mac info released this week.
“With the potential of a more aggressive rate hike from the Federal Reserve at the end of the month, mortgage rates will likely rise even further,” says Nadia Evangelou, National Associaton of Realtors’s senior economist and director of forecasting. “However, even with this increase, mortgage rates will continue to be historically low — below 8% — in 2022.”
Freddie Mac reports the following national averages with mortgage rates for the week ending yesterday:
- 30-year fixed-rate mortgages: averaged 5.51%, with an average 0.8 point, increasing from last week’s 5.30% average. Last year at this time, 30-year rates averaged 2.88%.
- 15-year fixed-rate mortgages: averaged 4.67%, with an average 0.8 point, also rising from last week’s 4.45% average. A year ago, 15-year rates averaged 2.22%.
- 5-year hybrid adjustable-rate mortgages: averaged 4.35%, with an average 0.2 point, increasing from last week’s 4.19% average. A year ago, 5-year ARMs averaged 2.47%.
Source: National Association of Realtors, Magazine.Realtor.com
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