Source: Mortgage Bankers Association
Average interest home loan rates in the United States climbed in the past week, hitting the highest level in over a decade. XHB is down 0.40%, while ITB is down 1.83% premarket.
- The average 30-year fixed-rate mortgage rate jumped to 5.53% in the week ending May 6, up from 5.36% the previous week.
- The latest increase brings the rate up by 242 basis points from a year ago, marking the steepest increase in decades amid monetary tightening in the US.
- The latest rate is the highest level since 2009, attributed to the strong increase in application activity for conventional and government purchase loans.
- The Market Composite Index grew by 2.0% on a seasonally adjusted basis and 3.0% on an unadjusted basis.
- The Refinance Index fell by 2%, reflecting a 72% decline from the comparable period in 2021.
- The Purchase Index increased by 5% on a seasonally adjusted basis and 5% on an adjusted basis.