Mortgage Rates Continue To Rise

The results of Freddie Mac’s Primary Mortgage Market Survey were revealed on Thursday, and the 30-year fixed-rate mortgage (FRM) averaged 3.56 percent.

“Mortgage rates moved up again as the 10-year U.S. Treasury yield rose and financial markets adjusted to anticipated changes in monetary policy that will combat inflation,” Sam Khater, Freddie Mac’s chief economist stated.

“As a result of higher mortgage rates, purchase demand has modestly waned in advance of the spring homebuying season. However, supply remains near historically tight levels and home prices remain high, keeping the market competitive.”

• The 30-year fixed-rate mortgage averaged 3.56 percent with an average of 0.7 points for the week ending Jan. 20, up from 3.45 percent the previous week. At this time last year, the 30-year FRM averaged 2.77 percent.
• The 15-year fixed-rate mortgage averaged 2.79 percent with an average of 0.6 points, up from 2.62 percent the previous week. The 15-year FRM averaged 2.21 percent a year ago at this time.
• The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.60 percent with an average of 0.3 points, up from 2.57 percent last week. At this time last year, the 5-year ARM averaged 2.80 percent.