Mortgage Rates Reach Level highs
The 30-year fixed rate mortgage averaged 2.96% just a year ago; this week, it averages 5.27%, Freddie Mac reports.
“Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009,” said Sam Khater, Freddie Mac’s chief economist. “While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming months.”
Freddie Mac reported the following national averages for the week ending May 5:
- 30-year fixed-rate mortgages: averaged 5.27%, with an average 0.9 point, rising from last week’s 5.10% average. A year ago, 30-year rates averaged 2.96%.
- 15-year fixed-rate mortgages: averaged 4.52%, with an average 0.8 point, increasing from last week’s 4.40% average. A year ago, 15-year rates averaged 2.30%.
- 5-year adjustable-rate mortgages: averaged 3.96%, with an average 0.2 point, climbing from last week’s 3.78% average. A year ago, 5-year ARMs averaged 2.70%.
Freddie Mac reports commitment rates along with average point to better reflect the total upfront costs of obtaining a mortgage.
©National Association of REALTORS®
Reprinted with permission
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