General World News

Purchase mortgage rates increase to 5.30%

Purchase mortgage rates this week averaged 5.30%, up three basis points from a week ago, causing homeowners’ monthly payments to increase by about one-third year-over-year, according to the latest Freddie Mac PMMS.

Borrowers are showing resilience, but higher rates expected in coming months may reduce their appetite for mortgage loans.  

“In the months ahead, we expect monetary policy and inflation to discourage many consumers, weakening purchase demand and decelerating home price growth,” said Sam Khater, Freddie Mac’s chief economist, in a statement.

This time a year ago the 30-year fixed-rate purchase rates were at 2.94%, the report shows. The GSE’s details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com