HOMZ - Mortgage rates sustain their 5% levels thus impacting purchase demand

30-year fixed-rate mortgage averaged 5.10% with an average 0.8 point for the week ending Apr. 28, 2022, down marginally from last week when it averaged 5.11%; higher than 2.98% a year ago, according to the Freddie Mac Primary Mortgage Survey. "The combination of swift home price growth and the fastest mortgage rate increase in over forty years is finally affecting purchase demand. Homebuyers navigating the current environment are coping in a variety of ways, including switching to adjustable-rate mortgages, moving away from expensive coastal cities, and looking to more affordable suburbs. We expect the decline in demand to soften home price growth to a more sustainable pace later this year," chief economist Sam Khater commented. 15-year fixed-rate mortgage averaged 4.40% with an average 0.9 point, up from last week when it averaged 4.38% and a year ago at this time, the 15-year FRM averaged 2.31%. 5-year Treasury indexed hybrid adjustable-rate mortgage averaged

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Mortgage rates sustain their 5% levels thus impacting purchase demand