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Mortgage Rates Rise Above 5% Mark

Mortgage rates, or interest rates on home loans, went up over the 5 percent mark, 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 5.22 percent for the week ending August 11, 2022, up from 4.99 percent last week. A year ago at this time, the average rate was 2.87 percent.

The 15-year FRM this week averaged 4.59 percent, up from 4.26 percent last week. A year ago at this time, the 15-year FRM averaged 2.15 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 4.43 percent, up from 4.25 percent last week. It was 2.44 percent a year ago.

"The 30-year fixed-rate went back up to well over five percent this week, a reminder that recent volatility remains persistent," said Sam Khater, Freddie Mac's Chief Economist. "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. The consequence is that house prices likely will continue to rise, but at a slower pace for the rest of the summer."

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