The average 30-year, fixed mortgage is at a rate not seen since 2011, up to 4.61 percent, according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). The average 15-year, fixed mortgage moved up to 4.08 percent, and the five-year, Treasury-indexed hybrid adjustable mortgage moved up to 3.82 percent.
“Healthy consumer spending and higher commodity prices spooked the bond markets and led to higher mortgage rates over the past week,” says Sam Khater, chief economist at Freddie Mac. “Not only are buyers facing higher borrowing costs; gas prices are currently at four-year highs, just as we enter the important peak home sales season. While this year’s higher mortgage rates have not caused much of a ripple in the strong demand levels for buying a home seen in most markets, inflationary pressures and the prospect of rates approaching 5 percent could begin to hit the psyche of some prospective buyers.”
Source: Freddie Mac
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