Mortgage Rates Continue To Rise

(RTTNews) - Mortgage rates, or interest rates on home loans, rates continue to surge, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 5.81 percent for the week ending June 23, 2022, up from 5.78 percent last week. A year ago at this time, the average rate was 3.02 percent.

The 15-year FRM this week averaged 4.92 percent, up from 4.81 percent last week. A year ago at this time, the 15-year FRM averaged 2.34 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 4.41 percent, up from 4.33 percent last week. It was 2.53 percent a year ago.

"Fixed mortgage rates have increased by more than two full percentage points since the beginning of the year," said Sam Khater, Freddie Mac's Chief Economist. "The combination of rising rates and high home prices is the likely driver of recent declines in existing home sales. However, in reality many potential homebuyers are still interested in purchasing a home, keeping the market competitive but leveling off the last two years of red-hot activity."