Mortgage Rates Rise Again, Freddie Mac Says

By Will Feuer

Mortgage rates rose again in the latest week, according to housing-finance agency Freddie Mac.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage rose to 5.11% from 5% last week. A year ago this week, the average rate was 2.97%.

Average 15-year rates were 4.38%, up from 4.17% a week ago and 2.29% a year ago.

The average rate on a five-year Treasury-indexed hybrid adjustable-rate mortgage, or ARM, was 3.75%, up from 3.69% last week. A year ago, the five-year ARM averaged 2.83%.

"Mortgage rates increased for the seventh consecutive week, as Treasury yields continued to rise," Freddie Mac Chief Economist Sam Khater said. "While springtime is typically the busiest homebuying season, the upswing in rates has caused some volatility in demand. It continues to be a seller's market, but buyers who remain interested in purchasing a home may find that competition has moderately softened."

Write to Will Feuer at [e-mail]

(END) Dow Jones Newswires

April 21, 2022 10:14 ET (14:14 GMT)

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