Rates Continue Climb Toward 5%
Mortgage rates rose to an average of 4.72%, up from last week’s 4.67%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 4.72%. A year ago at this time, the 30-year FRM averaged 3.13%. “Mortgage rates have increased 1.5 percentage points over the last three months alone, the fastest three-month rise since May of 1994,” said Sam Khater, Freddie Mac’s Chief Economist. “The increase in mortgage rates has softened purchase activity such that the monthly payment for those looking to buy a home has risen by at least 20 percent from a year ago.” The daily fixed rate crossed 5% this week for the first time since 2011, save two days…