Mortgage Rates Increase 6/9/2022
“After little movement, the last few weeks, mortgage rates rose again on the back of increased economic activity and incoming inflation data,” said Sam Khater, Freddie Mac’s Chief Economist. “The housing market is incredibly rate-sensitive, so as mortgage rates increase suddenly, demand again is pulling back. The material decline in purchase activity, combined with the rising supply of homes for sale, will cause a deceleration in price growth to more normal levels, providing some relief for buyers still interested in purchasing a home.”
News Facts
- The 30-year fixed-rate mortgage averaged 5.23 percent with an average 0.9 point as of June 9, 2022, up from last week when it averaged 5.09 percent. A year ago at this time, the 30-year FRM averaged 2.96 percent.
- The 15-year fixed-rate mortgage averaged 4.38 percent with an average 0.8 point, up from last week when it averaged 4.32 percent. A year ago at this time, the 15-year FRM averaged 2.23 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.12 percent with an average 0.3 point, up from last week when it averaged 4.04 percent. A year ago at this time, the 5-year ARM averaged 2.55 percent.
