The housing and mortgage world witnessed rising rates, an upswing in application levels, and public feud between two major lenders.
On The Mortgage Front
Freddie Mac reported the 30-year fixed-rate mortgage averaged 5.27 percent, up from last week when it averaged 5.10 percent. The 15-year fixed-rate mortgage averaged 4.52 percent, up from last week when it averaged 4.40 percent. And the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.96 percent, up from last week when it averaged 3.78 percent.
“Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009,” said Sam Khater, Freddie Mac’s chief economist. “While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming months.”
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