Mortgage rates at 5.1%, its seventh consecutive week of increase
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- 30-year fixed-rate mortgage averaged 5.11% with an average 0.8 point for the week ending Apr. 21, 2022, up from last week when it averaged 5.00%; higher than 2.97% a year ago, according to the Freddie Mac Primary Mortgage Survey.
- "While springtime is typically the busiest homebuying season, the upswing in rates has caused some volatility in demand. It continues to be a seller’s market, but buyers who remain interested in purchasing a home may find that competition has moderately softened," chief economist Sam Khater commented.
- 15-year fixed-rate mortgage averaged 4.38% with an average 0.8 point, up from last week when it averaged 4.17% and a year ago at this time, the 15-year FRM averaged 2.29%.
- 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 3.75% with an average 0.3 point, up from last week when it averaged 3.69% and a year ago at this time, the 5-year ARM averaged 2.83%.
- In this week, Freddie Mac announced that although U.S. mortgage rates are seen peaking to multi-year high levels, demand for single-family homes will remain solid.
- HousingWire cites National Association of Realtors' Lawrence Yun, chief economist, "Cutting the Fed’s monthly MBS purchase tally will create a lot of new supply in the market, which will likely further increase pressure on interest rates, and could be amplified by other potential world events."
- The most recent home-listings data from Realtor.com indicate number of new listings was down 13% compared to a year ago.
- Homebuilding stocks: (DHI), (KBH), (PHM), (TOL), (LEN), (BZH), (TPH), (NVR); revenue in past 1-year:
- Tri Pointe Homes reported Q1 results beating street estimates and also raised 2022 guidance
- ETFs Watch: (XHB), (REM), (REZ), (HOMZ)