Mortgage rates inch higher amid inflation control measures
The 30-year fixed-rate mortgage average hit 5.81% for the seven-day period ending June 23, a 3-point basis jump from 5.78% a week ago. In the same weekly period last year, the30-year average stood at 3.02%, while at the end of 2021, it came in at3.11%. The anticipation of a 75-point hike in the federal-funds rate. Fed Chairman Jerome Powell gave clear signals that markets should expect. ‘We should expect to see similar monetary-policy moves coming their way, which will likely cause mortgage rates to head further upward. One year ago, the 5-year ARM averaged 2.53%.