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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:

Source: National Association of Realtors, Magazine.Realtor.com

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Information is deemed reliable but not guaranteed.