Today's Mortgage Rates - 05/16/2022
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Mortgage rates were mixed this week, but at least where there were increases they were small ones.
Freddie Mac reported today that the average offered interest rate for a conforming 30-year fixed-rate mortgage increased by 3 basis points (0.03%), rising to 5.30% The average offered rate for conforming 15-year fixed rate mortgages actually managed a small decline, its first downward move since early March, declining by four basis points (0.04%) to 4.48%. Short-term rates were moved measurable higher by the Fed just a week ago, and the initial fixed rate for a 5/1 Hybrid ARM ticked higher by two one-hundredths of a percentage point (0.02%), still holding below 4% at an average rate of 3.98%.
Financial markets have been highly erratic for some time, and certainly of late, as investors try to digest the Fed's moves and messaging. Stocks have sold off very strongly of late, and at least some of that cash has been making its way into bonds, driving bond yields back down. The influential yield on the 10-year Treasury was nearly 3.2% on Monday and on Thursday morning was below 2.9%. If this dip in yields can hold, there's a chance that mortgage rates might actually decline a little bit in the coming days. However, as we've seen too many times already this year, yields can reverse course very quickly without warning or seemingly without reason.
With inflation still running very high and strong and a Fed that is steeling itself to lift rates both quickly and considerably, there's growing concern among investors that this could result in a "hard" landing for the economy or even a recession at some point. For the moment, getting the economy and labor market to cool is the Fed's first task, and this will continue to make financial markets volatile.
Mortgage rates may be slightly lower in the days ahead, but be on the alert for sharp swings.
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 |
|---|---|---|---|
| 05/12 | 5.300% | 4.480% | 3.980% |
| 05/05 | 5.270% | 4.520% | 3.960% |
| 04/28 | 5.100% | 4.400% | 3.780% |
| 04/21 | 5.110% | 4.380% | 3.750% |
| 04/14 | 5.000% | 4.170% | 3.690% |
| 04/07 | 4.720% | 3.910% | 3.560% |
| 03/31 | 4.670% | 3.830% | 3.500% |
| 03/24 | 4.420% | 3.630% | 3.360% |
| 03/17 | 4.160% | 3.390% | 3.190% |
| 03/10 | 3.850% | 3.090% | 2.970% |
| 03/03 | 3.760% | 3.010% | 2.910% |
| 02/24 | 3.890% | 3.140% | 2.980% |
Mortgage Choices at a Glance
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