logo
  

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."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ford Motor is increasing the entry-level price of its electric F-150 Lightning pickup citing rising costs and supply chain issues amid increasing demand. This is the second price hike after a recent increase in August. The starting price of the 2023 model year pickup will be raised by $5,000 by October 24, reports said citing an email statement. Constellation Brands, Inc. (STZ) said it delivered another quarter of strong business performance. Beer Business achieved double-digit net sales growth for the quarter, while Wine and Spirits net sales rose 1%. The solid top-line performance of its Beer and Wine and Spirits Businesses in the first half... Tyson Foods announced its "OneTyson" plan, under which it will bring together corporate team members from three corporate locations in Illinois and South Dakota to its world headquarters in Arkansas. Team members from the corporate locations of Chicago, Downers Grove in Illinois, and Dakota Dunes area in South Dakota are expected to begin the phased relocation in early 2023 to Springdale.
Follow RTT