The average rate for a 30-year fixed-rate mortgage increased to 7.22% this week, up from 7.17% the previous week and up from 6.39% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey.
“The 30-year fixed-rate mortgage increased for the fifth consecutive week as we enter the heart of spring home buying season,” says Sam Khater, chief economist for Freddie Mac, in a statement. “On average, more than one-third of home sales for the entire year occur between March and June.
“With two months left of this historically busy period, potential homebuyers will likely not see relief from rising rates anytime soon,” Khater adds. “However, many seem to have acclimated to these higher rates, as demonstrated by the recently released pending home sales data coming in at the highest level in a year.”
For the week ended May 2, the average rate for a 15-year fixed-rate mortgage was 6.47%, up from 6.44% last week and up from 5.76% a year ago.
Yesterday, the Mortgage Bankers Association reported that mortgage application volume fell 2.3% during the week ended April 26, as the average rate for a 30-year, fixed-rate mortgage increased.
Photo: Ali Rezaei