Mortgage Rates Hit 5.00%

Mortgage rates were higher again this week in Freddie Mac’s Weekly Survey, hitting a level not seen in over a decade. The 30 Year Fixed Rate Mortgage was at 5.00% in today’s Freddie Mac survey and the 15 Year Fixed Rate Mortgage was at 4.17%. 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. The notes from the recent FOMC meeting indicate they are seriously considering half-point fed funds rate increases in the future and more rapidly bringing down the balance sheet that previously attempted.

Mortgage rate increases are starting to have a material impact on housing demand and prices.

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)

 

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