Mortgage Rates Resume Their Climb

Freddie Mac officials said in the weekly Primary Mortgage Market Survey report Thursday that mortgage rates are heading back up after a one-week hiatus.

According to the report, 30-year fixed rate mortgages averaged 5.27%, with an average 0.9 point, as of May 5, up from last week when it averaged 5.1%. A year ago the same mortgage averaged 2.96%.

Also,15-year fixed-rate mortgages averaged 4.52% with an average 0.8 point. That was up from 4.4% last week. Last year at this time the same mortgage averaged 2.30%.

Five-year adjustable-rate mortgages followed suit, with the average at 3.96% with an average 0.2 point, up from last week’s 3.78% and last year’s ARM average at this time of 2.7%

“Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009,'' said Sam Khater, Freddie Mac’s chief economist. “While losing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but it is expected to decelerate in the coming months.”

Bankrate also reported that mortgage rates had climbed again, with the 30-year fixed rate at 5.48%, compared to 5.42% a week ago, while 15-year fixed rates stood at 4.73% compared to 4.65% last week and 5-year adjustable rates climbed from 3.67% a week ago to 3.78% this week.