Mortgage Rates Inch Up

Mortgage rates, or interest rates on home loans, continues to rise, 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 5.54 percent for the week ending July 21, 2022, up from 5.51 percent last week. A year ago at this time, the average rate was 2.78 percent.

The 15-year FRM this week averaged 4.75 percent, up from 4.67 percent last week. A year ago at this time, the 15-year FRM averaged 2.12 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 4.31 percent, down from 4.35 percent last week. It was 2.49 percent a year ago.

"The housing market remains sluggish as mortgage rates inch up for a second consecutive week," said Sam Khater, Freddie Mac's Chief Economist. "Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably."

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