HOMZ - Mortgage rates race ahead of 4% highest since May 2019

30-year fixed-rate mortgage averaged 4.16% with an average 0.8 point for the week ending Mar. 17, 2022, up from last week when it averaged 3.85%; higher than 3.09% a year ago, according to the Freddie Mac Primary Mortgage Survey. "The Federal Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the course of the year. While home purchase demand has moderated, it remains competitive due to low existing inventory, suggesting high house price pressures will continue during the spring homebuying season," Chief economist Sam Khater commented. 15-year fixed-rate mortgage averaged 3.39% with an average 0.8 point, up from last week when it averaged 3.09% and a year ago at this time, the 15-year FRM averaged 2.40%. 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 3.19% with an average 0.2 point, up from last week when it averaged 2.97% and a year ago at this time, the

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Mortgage rates race ahead of 4%, highest since May 2019