Mortgage Rates Reach a 7-Year High

Based on Freddie Mac’s latest Primary Mortgage Market Survey, after plateauing in recent weeks, U.S. mortgage rates reversed course and reached a new high last seen eight years ago.

Sam Khater, Freddie Mac’s chief economist, says the 30-year fixed mortgage rate edged up to 4.61 percent, which matches the highest level since May 19, 2011. Added Khater, “While this year’s higher mortgage rates have not caused much of a ripple in the strong demand levels for buying a home seen in most markets, inflationary pressures and the prospect of rates approaching 5 percent could begin to hit the psyche of some prospective buyers.”

  • 30-year fixed-rate mortgage (FRM) averaged 4.61 percent, up from last week when it averaged 4.55 percent. A year ago at this time, the 30-year FRM averaged 4.02 percent.
  • 15-year FRM this week averaged 4.08 percent, up from last week when it averaged 4.01 percent. A year ago at this time, the 15-year FRM averaged 3.27 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.82 percent this week, up from last week when it averaged 3.77 percent. A year ago at this time, the 5-year ARM averaged 3.13 percent.