General World News

Purchase mortgage rates shoot back up to 5.50%

The rollercoaster continues for mortgage rates. After falling 40 basis points last week to 5.30%, purchase mortgage rates climbed back up this week to 5.50%, according to the latest PMMS survey from Freddie Mac.

“Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags,” said Sam Khater, Freddie Mac’s chief economist. “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.”

The survey results, which compile purchase mortgage rates reported by lenders during the past details ⇒

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