(Bloomberg) -- 30-year fixed mortgage rate for week ending today rose to 5.22% from 4.99%, Freddie Mac data show.
- 15-year rate avg 4.59%, up from 4.26% a week earlier
- 5/1-year ARM rate avg 4.43%, up from 4.25% a week earlier
- "The 30-year fixed-rate went back up to well over five percent this week, a reminder that recent volatility remains persistent," Sam Khater, chief economist for Freddie Mac, said in a statement. "Although rates continue to fluctuate, recent data suggest that the housing market is stabilizing as it transitions from the surge of activity during the pandemic to a more balanced market."
- "Declines in purchase demand continue to diminish while supply remains fairly tight across most markets," he added. "The consequence is that house prices likely will continue to rise, but at a slower pace for the rest of the summer."
- In a report out earlier this week MBA said the 30-year fixed rate was 5.47% for the week ending last Friday
NOTE: Freddie Mac surveys lenders each week to obtain the average contract interest rate, average number of points, and the average ARM margin that would be quoted to consumers on conventional, conforming first mortgage products. Three single-family loan products are covered: 30-year fixed-rate, 15-year fixed-rate, and 5/1 Treasury-indexed adjustable-rate mortgages.
Roughly 125 lenders are surveyed each week and the mix of lender types -- thrifts, commercial banks and mortgage lending companies -- proportional to the level of mortgage business that each type commands nationwide. National averages and averages for each of five regions are reported.
SOURCE: Freddie Mac
©2022 Bloomberg L.P.
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