Mortgage rates hit a brick wall this week, according to the Freddie Mac weekly mortgage survey…(Freddie Mac)
- 30-YR FIXED average rate was unchanged from the prior week at 3.55% which is still 82 basis points higher than one year ago.
- 15-YR FIXED average rate actually fell three basis points to 2.77% which is still 51 basis points higher than one year ago.
Sam Khater, Freddie Mac’s Chief Economist, argued that this leveling off of rates probably won’t last…
- “The economy lost some momentum in January, leaving mortgage rates unchanged from last week and relatively flat for the third consecutive week. This stagnation reflects the economic impact of the Omicron variant of COVID-19, which we believe will subside in the coming months…As economic recovery continues going into the spring and summer, mortgage rates are expected to resume their upward trajectory…”
REMINDER: The Mortgage Bankers Association still had rates slightly climbing, but still down fewer basis points from one year ago. “30-Yr fixed average contract interest rate was up 3 basis points to 3.59% and is now 67 basis points higher than one year ago.”