HOMZ - Mortgage rates continue rising after prior week's flat rates

Highest since 2009 levels, 30-year fixed-rate mortgage averaged 5.27% with an average 0.9 point for the week ending May. 5, 2022, up from last week when it averaged 5.10%; higher than 2.96% a year ago, according to the Freddie Mac Primary Mortgage Survey. 15-year fixed-rate mortgage averaged 4.52% with an average 0.8 point, up from last week when it averaged 4.40% and a year ago at this time, the 15-year FRM averaged 2.30%. 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 3.96% with an average 0.2 point, up from last week when it averaged 3.78% and a year ago at this time, the 5-year ARM averaged 2.70%. Mortgage applications increased for the first time since early March, with a 4% gain in purchase activity offsetting another decline in refinances. Last week, Redwood Trust CEO indicated that mortgage rates may soon eclipse 6% highest level in over a decade. Homebuilding stocks: (DHI), (KBH), (PHM),

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Mortgage rates continue rising after prior week's flat rates