U.S. mortgage rates are higher this week: Freddie Mac

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By Will Feuer


Mortgage rates rose in the latest week, according to housing-finance agency Freddie Mac.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage rose to 3.85% from 3.76% last week. A year ago this week, the average rate was 3.05%.

Average 15-year rates were 3.09%, up from 3.01% a week ago and 2.38% a year ago.

The average rate on a five-year Treasury-indexed hybrid adjustable-rate mortgage, or ARM, was 2.97%, up from 2.91% last week. A year ago, the five-year ARM averaged 2.77%.

“Following two weeks of declines, mortgage rates rose this week as U.S. Treasury yields increased,” Freddie Mac Chief Economist Sam Khater said. “Over the long-term, we expect rates to continue to rise as inflation broadens and shortages increasingly impact many segments of the economy. However, uncertainty about the war in Ukraine is driving rate volatility that likely will continue in the short-term.”

Write to Will Feuer at Will.Feuer@wsj.com


This article was originally published by Marketwatch.com. Read the original article here.

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