Mortgage Rates Soar For Fifth Consecutive Week

Mortgage rates continues to soar in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 7.22% as of May 2, up from last week when it averaged 7.17%. A year ago at this time, it averaged 6.39%.

The 15-year fixed-rate mortgage averaged 6.47%, up from last week when it averaged 6.44%. A year ago at this time, it averaged 5.76%.

“The 30-year fixed-rate mortgage increased for the fifth consecutive week as we enter the heart of Spring Homebuying Season,” said Sam Khater, Freddie Mac’s chief economist. “On average, more than one-third of home sales for the entire year occur between March and June. With two months left of this historically busy period, potential homebuyers will likely not see relief from rising rates anytime soon. However, many seem to have acclimated to these higher rates, as demonstrated by the recently released pending home sales data coming in at the highest level in a year.”