HOMZ - Mortgage rates cross the four point half mark amid rising inflation

Led by rapidly rising inflation as well as the prospect of strong demand for goods and ongoing supply disruptions, 30-year fixed-rate mortgage averaged 4.67% with an average 0.8 point for the week ending Mar. 31, 2022, up from last week when it averaged 4.42%; higher than 3.18% a year ago, according to the Freddie Mac Primary Mortgage Survey. This marks the highest reading since December 2018 levels and has unfolded to these levels faster than expected. "Purchase demand has weakened modestly but has continued to outpace expectations. This is largely due to unmet demand from first-time homebuyers as well as a select few who had been waiting for rates to hit a cyclical low," Chief Economist Sam Khater commented. 15-year fixed-rate mortgage averaged 3.83% with an average 0.8 point, up from last week when it averaged 3.63% and a year ago at this time, the 15-year FRM averaged 2.45%. 5-year Treasury indexed

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Mortgage rates cross the four point half mark amid rising inflation