Freddie Mac has released another week ending’s mortgage rates Thursday, July 14, 2022 with the 30-year fixed-rate mortgage at 5.51%. Up .21% from last week and 2.63% from one year ago, these rates are the highest they’ve been in over a decade.
The 15-year fixed-rate mortgage is now at 4.67% and 5/1-year adjustable-rate mortgage is 4.35% both the highest in over a decade as well. Rates had slightly increased in 2018 and declined throughout the following 2 years. Then, in the final couple months of 2021, the rates started to increase again. Throughout the first half of 2022, the rates have almost doubled as the economic growth slows and inflation continues across many fields. Still, we are no where near the 1980’s Great Recession rates or lively hood impacts.
While the increase in mortgage rates can make Buyer’s bottom lines less, the recent unbalanced real estate market has started to see more inventory and price reductions leveling it out. The market is still competitive and the increasing mortgage rates haven’t stopped homebuyers from entering the market.
Please reach out with any questions you have about the mortgage rate changes and how we can help you through your real estate journey.
Post courtesy of The Durango Team