Mortgage Rates Continue to Jump 2/17/2022
“Mortgage rates jumped again due to high inflation and stronger than expected consumer spending,” said Sam Khater, Freddie Mac’s Chief Economist. “The 30-year fixed-rate mortgage is nearing four percent, reaching highs we have not seen since May 2019. As rates and house prices rise, affordability has become a substantial hurdle for potential homebuyers, especially as inflation threatens to place a strain on consumer budgets.”
News Facts
- The 30-year fixed-rate mortgage averaged 3.92 percent with an average 0.8 point for the week ending February 17, 2022, up from last week when it averaged 3.69 percent. A year ago at this time, the 30-year FRM averaged 2.81 percent.
- The 15-year fixed-rate mortgage averaged 3.15 percent with an average 0.8 point, up from last week when it averaged 2.93 percent. A year ago at this time, the 15-year FRM averaged 2.21 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent with an average 0.3 point, up from last week when it averaged 2.80 percent. A year ago at this time, the 5-year ARM averaged 2.77 percent.
