RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
RISMedia
No Result
View All Result

Mortgage Rates on the Rise Again

Home Agents
By RISMedia Staff
June 9, 2022
Reading Time: 3 mins read
Mortgage Rates on the Rise Again

After little movement over the last couple of weeks, mortgage rates are on the rise again.
According to the latest results of its Primary Mortgage Market Survey (PMMS®) from Freddie Mac, the 30-year fixed-rate mortgage (FRM) averaged 5.23%, up from 5.09% the week earlier.

Key findings:

  • 30-year fixed-rate mortgage averaged 5.23% with an average 0.9 point as of June 9, 2022, up from last week when it averaged 5.09%. A year ago at this time, the 30-year FRM averaged 2.96%.
  • 15-year fixed-rate mortgage averaged 4.38% with an average 0.8 point, up from last week when it averaged 4.32%. A year ago at this time, the 15-year FRM averaged 2.23%.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.12% with an average 0.3 point, up from last week when it averaged 4.04%. A year ago at this time, the 5-year ARM averaged 2.55%.

What the experts are saying:

“After little movement the last few weeks, mortgage rates rose again on the back of increased economic activity and incoming inflation data,” said Sam Khater, Freddie Mac’s chief economist. “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.”

Realtor.com’s Senior Economist and Manager of Economic Research, George Ratiu commented, “The Freddie Mac fixed rate for a 30-year rebounded from the past three weeks of declines, rising 14 basis points to 5.23%. This rise comes in anticipation of Friday’s inflation data and mirrors the rebound in the 10-year Treasury, which crested 3.0% mid-week. Investors have their eyes on the Consumer Price Index, expecting to see continued gains but at a moderating pace. The data will be an important measure for the Federal Reserve at its meeting next week. While it is not the central bank’s preferred measure of inflation, it is another metric detailing the health of the economy. With consumers feeling the pain of higher prices, a pullback in spending could push gross domestic product into negative territory. Several indicators are already pointing to slowing activity in the second quarter.”

“Real estate markets are laboring under the weight of record-high prices and rising mortgage rates. Mortgage applications have been declining with both purchases and refinances seeing pullbacks in activity. Buyers of a median-price home are looking at a monthly mortgage payment that is 55% higher than it was a year ago, adding an extra $695 to their monthly expenses. Compounding these pressures, almost 20 states have average gasoline prices above $5 per gallon, pushing living expenses to new highs, especially as employers insist on squeezing workers back into offices. For many Americans looking for affordable pockets of housing, mid-sized cities remain a viable alternative, especially as the number of homes for sale has been on the rise, bringing fresh options. The overarching challenge is balancing the ability to find a well-priced home, which often means traveling farther away from city centers, with the potential need to commute to an office. It is up to companies to maintain flexibility for a workforce which is being squeezed from all directions at once, or risk losing employees. The economic outlook is highly dependent on the well-being of the American consumer,” Ratiu concluded.

Tags: 30-year fixed rateFreddie MacPrimary Mortgage Market Survey
ShareTweetShare

RISMedia Staff

Related Posts

Creative Marketing Ideas to Move Your Listings Faster
Best Practices

Creative Marketing Ideas to Move Your Listings Faster

July 2, 2022
The July Issue of Real Estate Magazine Is Now Live
Agents

The July Issue of Real Estate Magazine Is Now Live

July 1, 2022
First Guaranty Mortgage Corp. Tacks on Massive Layoffs With Bankruptcy Filing
Agents

First Guaranty Mortgage Corp. Tacks on Massive Layoffs With Bankruptcy Filing

July 1, 2022
Pandemic-Fueled, ‘Astonishing’ Cost-Burden Turnaround
Agents

Pandemic-Fueled, ‘Astonishing’ Cost-Burden Turnaround

July 1, 2022
Florida, South Top Inflated Rental Markets
Agents

Florida, South Top Inflated Rental Markets

July 1, 2022
For-Sale Home Supply Grows Faster Than Ever as New Seller Activity Rebounds
Agents

For-Sale Home Supply Grows Faster Than Ever as New Seller Activity Rebounds

July 1, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

Break a Leg: How Acting Techniques Can Enhance Your Pitch

Authenticity, emotion and empathy are all a big part of a successful client presentation, and actors have the answers. Read more.

Business Tip of the Day provided by
REGISTER NOW

Recent Posts

  • Creative Marketing Ideas to Move Your Listings Faster
  • The July Issue of Real Estate Magazine Is Now Live
  • First Guaranty Mortgage Corp. Tacks on Massive Layoffs With Bankruptcy Filing

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

RISMEDIA PREMIER CONTENT

INSIGHTS THAT ELEVATE YOUR VALUE

logo-rismedia-white
x