After that historic drop in rates, mortgage rates are now up for the second week in a row, according to Freddie Mac’s latest weekly survey…(Freddie Mac)
- 30-YR FIXED: The average contract interest rate was up 7 basis points to 5.51%, this is 272 basis pints higher than one year ago.
- 15-YR FIXD: The average contract interest rates was up 8 basis points to 4.75%, this is 263 basis points higher than one year ago.
NOTE: A 5/1 ARM was actually down 4 basis points to 4.31%, this still up 182 basis points from one year ago.
Sam Khater, Freddie Mac’s Chief Economist, said demand is softening which should slow home price appreciation. “Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably.”