U.S. mortgage charges leap again above 5%, says Freddie Mac – St. Louis Enterprise Journal – The Enterprise Journals

August 17, 2022 By admin

It’s been a rocky journey for U.S. mortgage charges, which once more climbed above 5%, in keeping with Freddie Mac.
The 30-year fastened mortgage price averaged 5.22% for the week ended Aug. 11 — up from 4.99% the prior week. A yr in the past, mortgage charges averaged 2.87%.
Mortgage charges issue into residence gross sales and the refinance market and the brand new larger charges have begun impacting housing-related exercise.
“The 30-year fixed-rate went again as much as effectively over 5 p.c this week, a reminder that latest volatility stays persistent,” stated Sam Khater, Freddie Mac’s chief economist. “Though charges proceed to fluctuate, latest information recommend that the housing market is stabilizing because it transitions from the surge of exercise in the course of the pandemic to a extra balanced market. Declines in buy demand proceed to decrease whereas provide stays pretty tight throughout most markets. The consequence is that home costs doubtless will proceed to rise, however at a slower tempo for the remainder of the summer season.”
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