AGNC - Mortgage rates lock at 3% after a month of trending below the mark

Amid the Federal Reserve hinting that it may may soon alter its approach to the economy of scaling back the policies introduced amid the pandemic in light of high inflation, 30-year fixed-rate mortgage averaged 3% for the week ending May 20, moving higher from 2.94% recorded in prior week and down from 3.24% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey."After a run up over the first few months of the year, rates have paused and hovered around three percent since March," Freddie Mac’s Chief Economist Sam Khater commented."Despite this favorable rate climate, there remains a shortage of homes for sale. The lack of housing supply has been compounded by labor disruptions and expensive building materials that are driving up the cost of new housing, making it difficult for homebuyers to find homes to purchase," Khater added further.15-year FRM averages 2.29% up from prior week's 2.26% and 2.70% a year ago.5-year Treasury-indexed hybrid

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Mortgage rates lock at 3% after a month of trending below the mark