Mortgage Rates Continue to Increase 05/12/2022
“Homebuyers continue to show resilience even though rising mortgage rates are causing monthly payments to increase by about one-third as compared to a year ago,” said Sam Khater, Freddie Mac’s Chief Economist. “Several factors are contributing to this dynamic, including the large wave of first-time homebuyers looking to realize the dream of homeownership. In the months ahead, we expect monetary policy and inflation to discourage many consumers, weakening purchase demand and decelerating home price growth.”
- The 30-year fixed-rate mortgage averaged 5.30 percent with an average 0.9 point as of May 12, 2022, up from last week when it averaged 5.27 percent. A year ago at this time, the 30-year FRM averaged 2.94 percent.
- The 15-year fixed-rate mortgage averaged 4.48 percent with an average 0.9 point, down from last week when it averaged 4.52 percent. A year ago at this time, the 15-year FRM averaged 2.26 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.98 percent with an average 0.3 point, up from last week when it averaged 3.96 percent. A year ago at this time, the 5-year ARM averaged 2.59 percent.
