Mortgage Rates Increase For 7th Consecutive Week

(RTTNews) - Mortgage rates, or interest rates on home loans, increased for the seventh consecutive week, as Treasury yields continued to rise, according to mortgage provider Freddie Mac (FMCC.OB).

Sam Khater, Freddie Mac's Chief Economist, said, "While springtime is typically the busiest homebuying season, the upswing in rates has caused some volatility in demand. It continues to be a seller's market, but buyers who remain interested in purchasing a home may find that competition has moderately softened."

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 5.11 percent for the week ending April 21, 2022, up from 5.00 percent last week. A year ago at this time, the average rate was 2.97 percent.

The 15-year FRM this week averaged 4.38, up from 4.17 percent last week. A year ago at this time, the 15-year FRM averaged 2.29 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.75 percent, up from 3.69 percent last week. It was 2.83 percent a year ago.