HOMZ - Mortgage rates reverses trend to post a gain amid rising economic activity

30-year fixed-rate mortgage averaged 5.23% with an average 0.9 point for the week ending June 9, up from last week when it averaged 5.09% and higher than 2.96% a year ago, according to the Freddie Mac Primary Mortgage Survey. "The housing market is incredibly rate-sensitive, so as mortgage rates increase suddenly, demand again is pulling back. The material decline in purchase activity, combined with the rising supply of homes for sale, will cause a deceleration in price growth to more normal levels, providing some relief for buyers still interested in purchasing a home," chief economist Sam Khater commented. 15-year fixed-rate mortgage averaged 4.38% with an average 0.8 point, up from last week when it averaged 4.32% and higher from 2.23% a year ago. 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 4.12% with an average 0.3 point, up from last week when it averaged 4.04% and higher than 2.55% a year ago. This

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Mortgage rates reverses trend to post a gain amid rising economic activity