Mortgage Rates Jump

“The normalization of the economy continues as mortgage rates jumped to the highest level since the emergence of the pandemic,” said Sam Khater, Freddie Mac’s Chief Economist. “Rate increases are expected to continue due to a strong labor market and high inflation, which likely will have an adverse impact on homebuyer demand.”

• The 30-year fixed-rate mortgage averaged 3.69 percent with an average 0.8 point for the week ending February 10, 2022, up from last week when it averaged 3.55 percent. A year ago at this time, the 30-year FRM averaged 2.73 percent.
• The 15-year fixed-rate mortgage averaged 2.93 percent with an average 0.8 point, up from last week when it averaged 2.77 percent. A year ago at this time, the 15-year FRM averaged 2.19 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent with an average 0.3 point, up from last week when it averaged 2.71 percent. A year ago at this time, the 5-year ARM averaged 2.79 percent.