Mortgage rates continued higher again this week in Freddie Mac’s Weekly Survey, hitting levels not seen in over a decade. The 30 Year Fixed Rate Mortgage was at 5.11% in today’s Freddie Mac survey and the 15 Year Fixed Rate Mortgage was at 4.38%. The Federal Reserve recently stopped buying mortgage bonds, raised the Fed Funds Rate target by 0.25%, and indicated it will begin to liquidate mortgage and treasury bonds sometime in next few months. Fed Chair Powell’s comments today and notes from the recent FOMC meeting indicate a half-point fed funds rate increases in the future is likely.
Mortgage rate increases are starting to have a material impact on housing affordability and demand. Refinance activity is significantly down.
Freddie Mac’s Weekly Survey was released this morning with its most recent assessment of the mortgage rate landscape. See the details of their survey below.
(dynamic chart with current info)
