Today's Mortgage Rates - 08/17/2022
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The unexpected drop in mortgage rates seen last week mostly reversed this week.
Freddie Mac reported today that the average offered interest rate for a conforming 30-year fixed-rate mortgage rose by twenty-three basis points (0.23%) to 5.22%. A like-sized increase was seen in the average offered rate for a conforming fifteen-year FRMs, where a 23-basis point increase lifted the rate for the most popular shorter-term mortgage back up to 4.59%. The initial fixed interest rate for a hybrid 5/1 ARM also increased, rising by eighteen one-hundredths of a percentage point (0.18%) to 4.43% for the week. This is the highest initial interest rate for the 5/1 ARM in more than twelve and a half years.
A couple of preliminary signs that inflation has at least leveled off has encouraged investors that the Fed may not need to raise rates as fast and as high as they have recently come to expect. Just last week, odds for another 75 basis point increase in the federal funds rate in September were as high as two-to-one; after the softer Consumer and Produce Price reports for July, those odds reversed.
While this hasn't translated in to another decline in mortgage rates, it did keep the uptick that formed last week from continuing. One improved report on price pressures by itself isn't enough to keep the Fed from lifting rates sharply, and will need to be accompanied by at least a few more plus other signals that labor markets are loosening.
It may be a while before we see enough evidence to think that mortgage rates have a chance to fall on a sustained basis, but for now mixed signals can at least help them stabilize around present levels. Another report covering import and export costs comes on Friday, and if it is also relatively benign, there's a chance for a slight decline in mortgage rates in the coming days.
Each week in HSH's MarketTrends newsletter, we track and discuss economic conditions that affect mortgage rates and their impact on housing markets and consumers. Read the most recent edition of MarketTrends or subscribe for email delivery.
Current mortgage rates
| Week | 30-year-Fixed | 15-year-Fixed | 5-year-ARM |
|---|---|---|---|
| 08/11 | 5.220% | 4.590% | 4.430% |
| 08/04 | 4.990% | 4.260% | 4.250% |
| 07/28 | 5.300% | 4.580% | 4.290% |
| 07/21 | 5.540% | 4.750% | 4.310% |
| 07/14 | 5.510% | 4.670% | 4.350% |
| 07/07 | 5.300% | 4.450% | 4.190% |
| 06/30 | 5.700% | 4.830% | 4.500% |
| 06/23 | 5.810% | 4.920% | 4.410% |
| 06/16 | 5.780% | 4.810% | 4.330% |
| 06/09 | 5.230% | 4.380% | 4.120% |
| 06/02 | 5.090% | 4.320% | 4.040% |
| 05/26 | 5.100% | 4.310% | 4.200% |
Mortgage Choices at a Glance
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