Mortgage Rates Rising Faster

January 18, 2022
Rate-Rising-Faster-
For the week ending January 13th, 30-year rates moved up to 3.45% from 3.22% the week before.

 

In addition, 15-year loans rose to 2.62% and the average for five-year ARMs increased to 2.57%. A year ago, 30-year fixed rates averaged 2.65%, more than .75% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Mortgage rates rose across all mortgage loan types, with the 30-year fixed-rate mortgage increasing by almost a quarter of a percent from last week. This was driven by the prospect of a faster than expected tightening of monetary policy in response to continued inflation exacerbated by uncertainty in labor and supply chains. The rise in mortgage rates so far this year has not yet affected purchase demand, but given the fast pace of home price growth, it will likely dampen demand in the near future.”   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 January 14, 2022

Daily Value

Monthly Value

January 13

December

6-month Treasury Security

0.28%

0.15%

1-year Treasury Security

0.47%

0.30%

3-year Treasury Security

1.18%

0.95%

5-year Treasury Security

1.47%

1.23%

10-year Treasury Security

1.70%

1.47%

12-month LIBOR

0.583% (Dec)

12-month MTA

0.104% (Dec)

SOFR Index

1.042% (Dec)

Prime Rate

3.25% (3/20)