DHI - Mortgage rates snap back to above 5% levels

• 30-year fixed-rate mortgage bounced back to above 5% levels to average at 5.22% with an average 0.7 point for the week ending Aug.11, up from last week when it averaged 4.99%. it is significantly still higher than the rate of 2.87% a year ago, according to the Freddie Mac Primary Mortgage Survey .
• 15-year fixed-rate mortgage averaged 4.59% with an average 0.7 point, up from last week when it averaged 4.26% and higher from 2.15% a year ago.
• 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 4.43% with an average 0.0 point, down from last week when it averaged 4.25% and higher than 2.44% a year ago.
• "Although rates continue to fluctuate, recent data suggest that the housing market is stabilizing as it transitions from the surge of activity during the pandemic to a more balanced market. Declines in purchase demand continue to diminish while supply remains fairly tight across most markets. The consequence is that house prices likely will continue to rise, but at a slower pace for the rest of the summer," chief economist Sam Khater commented.
• Homebuilding stocks: ( DHI ), ( KBH ), ( LEN ), ( TOL ), ( PHM ), ( NVR )
• ETFs Watch: ( XHB ), ( REM ), ( REZ ), ( HOMZ )

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