HOMZ - Mortgage rates at 5.30% moving closer to the 6% mark

30-year fixed-rate mortgage averaged 5.30% with an average 0.9 point for the week ending May. 12, 2022, up from last week when it averaged 5.27%; higher than 2.94% a year ago, according to the Freddie Mac Primary Mortgage Survey. 15-year fixed-rate mortgage averaged 4.48% with an average 0.9 point, up from last week when it averaged 4.52% and a year ago at this time, the 15-year FRM averaged 2.26%. 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 3.98% with an average 0.3 point, up from last week when it averaged 3.96% and a year ago at this time, the 5-year ARM averaged 2.59%. "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. In the months ahead, we expect monetary policy and inflation to discourage many consumers, weakening purchase demand and decelerating home price growth," chief economist Sam Khater

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Mortgage rates at 5.30%, moving closer to the 6% mark