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Mortgage Rates Rise Again As Volatility Continues

Mortgage rates, or interest rates on home loans, rose again as economic growth slows down, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 5.51 percent for the week ending July 14, 2022, up from 5.30 percent last week. A year ago at this time, the average rate was 2.88 percent.

The 15-year FRM this week averaged 4.67 percent, up from 4.45 percent last week. A year ago at this time, the 15-year FRM averaged 2.22 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 4.35 percent, up from 4.19 percent last week. It was 2.47 percent a year ago.

"Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags," said Sam Khater, Freddie Mac's Chief Economist. "With rates the highest in over a decade, home prices at escalated levels, and inflation continuing to impact consumers, affordability remains the main obstacle to homeownership for many Americans."

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