TOL - Mortgage rates race closer to 4% its all time high since May 2019

Led by high inflation and stronger than expected consumer spending, 30-year fixed-rate mortgage averaged 3.92% with an average 0.8 point for the week ending Feb. 17, 2022, up from last week when it averaged 3.69%; higher than 2.81% a year ago, according to the Freddie Mac Primary Mortgage Survey. "The 30-year fixed-rate mortgage is nearing 4%, reaching highs we have not seen since May 2019. As rates and house prices rise, affordability has become a substantial hurdle for potential homebuyers, especially as inflation threatens to place a strain on consumer budgets," Chief economist Sam Khater commented. 5-year fixed-rate mortgage averaged 3.15% with an average 0.8 point, up from last week when it averaged 2.93% and a year ago at this time, the 15-year FRM averaged 2.21%. 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 2.98% with an average 0.3 point, up from last week when it averaged 2.80% and a year ago at

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Mortgage rates race closer to 4%, its all time high since May 2019