Mortgage rates on the rise again in the US: the 30-year rate rose to 5.51%

There is no respite for home buyers in the United States. Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 5.51%.

“Mortgage rates are volatile as economic growth slows due to fiscal and monetary headwinds”said Sam Khater, chief economist at Freddie Mac.

“With the highest rates in more than a decade, house prices at high levels and inflation that continues to affect consumersaffordability remains the number one barrier to homeownership for many Americans,” added Khater.

This is how the rates were:

The 30-year fixed-rate mortgage averaged 5.51% with an average of 0.8 points as of July 14, 2022, compared to last week when it averaged 5.3%. A year ago at this time, the 30-year FRM averaged 2.88%.

The 15-year fixed-rate mortgage averaged 4.67% with an average of 0.8 points, compared to last week when it averaged 4.45%. A year ago at this time, the 15-year FRM averaged 2.22%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.35% with an average of 0.2 points, more than last week when it averaged 4.19%. A year ago at this time, the 5-year ARM averaged 2.47%.

PMMS focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who put down a 20% down payment and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the full initial cost of obtaining the mortgage.

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