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.

You may also like:
– The 3 cities in the United States where it is more expensive to move
– Freddie Mac announces drop in mortgage rates, the 30-year mortgage rate stands at 5.3%
– The 10 most expensive neighborhoods to buy a house in the US

Source-eldiariony.com