Rates Continue Their Rise

May 17, 2022
Rates-Continue-Their-Rise
For the week ending May 12, 30-year rates rose to 5.30% from 5.27% the week before.

 

In addition, 15-year loans decreased to 4.48% and the average for five-year ARMs climbed to 3.98%. A year ago, 30-year fixed rates averaged 2.94%, over 2.00% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Homebuyers continue to show resilience even though rising mortgage rates are causing monthly payments to increase by about one-third as compared to a year ago. Several factors are contributing to this dynamic, including the large wave of first-time homebuyers looking to realize the dream of homeownership. In the months ahead, we expect monetary policy and inflation to discourage many consumers, weakening purchase demand and decelerating home price growth.” 

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 May 13, 2022

Daily Value

Monthly Value

May 12

April

6-month Treasury Security

1.44%

1.26%

1-year Treasury Security

1.96%

1.89%

3-year Treasury Security

2.73%

2.72%

5-year Treasury Security

2.81%

2.78%

10-year Treasury Security

2.84%

2.75%

12-month LIBOR

2.549% (April)

12-month MTA

0.477% (April)

SOFR Index

1.043% (April)

Prime Rate

4.00% (5/22)