Mortgage rates, or interest rates on home loans, continues to rise amid slowing economic growth and inflation, according to mortgage provider Freddie Mac (FMCC.OB).
"The market's renewed perception of a more aggressive monetary policy stance has driven mortgage rates up to almost double what they were a year ago," said Sam Khater, Freddie Mac's Chief Economist. "The increase in mortgage rates is coming at a particularly vulnerable time for the housing market as sellers are recalibrating their pricing due to lower purchase demand, likely resulting in continued price growth deceleration."
Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 5.66 percent for the week ending September 1, 2022, up from 5.55 percent last week. A year ago at this time, the average rate was 2.87 percent.
The 15-year FRM this week averaged 4.98 percent, up from 4.85 percent last week. A year ago at this time, the 15-year FRM averaged 2.18 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 4.51 percent, up from 4.36 percent last week. It was 2.43 percent a year ago.
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