Mortgage rates rose in the past week and continued rising after the survey was released, along with recent reports on inflation.
For the week ending July 14, 30-year rates rose to 5.51% from 5.30% the week before. In addition, 15-year loans increased to 4.67% and the average for five-year ARMs also rose to 4.35%. A year ago, 30-year fixed rates averaged 2.88%, more than 2.50% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags. With rates the highest in over a decade, home prices at escalated levels, and inflation continuing to impact consumers -- affordability remains the main obstacle to homeownership for many Americans.”
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices for Adjustable Rates
Updated July 15, 2022
|
Daily Value
|
Monthly Value
|
|
July 14
|
June
|
|
6-month Treasury Security
|
2.93%
|
2.17%
|
|
1-year Treasury Security
|
3.16%
|
2.65%
|
|
3-year Treasury Security
|
3.16%
|
3.15%
|
|
5-year Treasury Security
|
3.06%
|
3.19%
|
|
10-year Treasury Security
|
2.96%
|
3.14%
|
|
12-month LIBOR
|
|
3.564% (June)
|
|
12-month MTA
|
|
0.859% (June)
|
|
SOFR Index
|
|
1.045% (June)
|
|
Prime Rate
|
|
4.75% (6/22)
|