Average long-term U.S. mortgage rates edged up again this week, with interest on the key 30-year loan at its highest level since 2009.
Mortgage buyer Freddie Mac reported Thursday, May 12, 2022, that the 30-year rate ticked up to 5.3% from 5.27% last week. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate ticked up to 5.3% from 5.27% last week. By contrast, the average rate stood at 2.94% a year ago.
The Federal Reserve last week intensified its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point and signaling further large rate hikes to come. The Fed’s move, its most aggressive since 2000, will bring higher costs for mortgages as well as credit cards, auto loans and other borrowing for individuals and businesses.
With inflation at a four-decade high, rising mortgage rates, elevated home prices and tight supply of homes for sale, homeownership has become less attainable, especially for first-time buyers.The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, dipped to 4.48% from 4.52% last week. That rate was 2.26% a year ago.
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