Mortgage rates continued their climb upward but at a slower pace for the week ending May 12th, according to the weekly Freddie Mac weekly survey…(Freddie Mac)
- 30-YR FIXED: The average rate was up three basis points to 5.30%, this is up 233 basis points from one year ago.
- 15-YR FIXED: The average rate was actually down 4 basis points to 4.48%, however, this is still up 226 basis points from one year ago.
- 5/1 ARM: The average rate was up two basis points to 3.98%, this is up 139 basis points from one year ago.
Sam Khater, Freddie Mac’s Chief Economist, said in a statement that homebuyers continue to show resilience in the face of rising rates…
- “Several factors are contributing to this dynamic, including the large wave of first-time homebuyers looking to realize the dream of homeownership. In the months ahead, we expect monetary policy and inflation to discourage many consumers, weakening purchase demand and decelerating home price growth.”
