- 30-year fixed-rate mortgage averaged 5.54% with an average 0.8 point for the week ending July 21, up from last week when it averaged 5.51% and higher than 2.78% a year ago, according to the Freddie Mac Primary Mortgage Survey .
- "Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably," chief economist Sam Khater commented.
- Wall Street observers believe the Federal Reserve will increase rates by 75 or 100 basis points later this month to reduce inflation, generating concerns that a recession is just around the bend.
- 15-year fixed-rate mortgage averaged 4.75% with an average 0.8 point, up from last week when it averaged 4.67% and higher from 2.12% a year ago.
- 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 4.31% with an average 0.3 point, down from last week when it averaged 4.35% and higher than 2.49% a year ago.
- Rates align with the 10-year U.S Treasury yield, which increased 13 basis points in one week to 3.15% Wednesday.
- Homebuilding stocks: ( DHI ), ( KBH ), ( LEN ), ( TOL ), ( PHM ), ( NVR )
- ETFs Watch: ( XHB ), ( REM ), ( REZ ), ( HOMZ )
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Mortgage rates inch higher ahead of Fed Reserve meeting