Americans ring in 2022 with highest mortgage rates since the pandemic started
January 7, 2022 | BPR Wire
Harry Wilmerding, DCNF
Mortgage rates soared to their highest level since the beginning of the pandemic in the first week of 2022, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.22% in the week ending on Jan. 6, up from a 3.11% average during the previous week and marking the highest level since May 2020, Freddie Mac announced Thursday. The 30-year rate dropped to 2.65% in early 2021, its lowest level on record.
“Mortage rates increased during the first week of 2022 to the highest level since May 2020 and are more than half a percentage higher than January 2021,” said Sam Khater, chief economist at Freddie Mac, according to a company release.
“With higher inflation, promising economic growth and a tight labor market, we expect rates will continue to rise,” Khater said. “The impact of higher rates on purchase demand remains modest so far given the current first-time homebuyer growth.”
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https://www.bizpacreview.com/2022/01/07/americans-ring-in-2022-with-highest-mortgage-rates-since-the-pandemic-started-1185543/
