Mortgage Rates Continue To Rise

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Industry News Mortgage Rates Continue To Rise Christine Stuart Jun 23, 2022 Fixed mortgage rates have increased by more than 2 full percentage points since the beginning of the year. Mortgage rates inched up again this week to 5.81%, according to Freddie Mac. It means fixed rates have increased by more than two full percentage points since the beginning of the year. "The combination of rising rates and high home prices is the likely driver of recent declines in existing home sales," said Sam Khater, Freddie Mac's chief economist. The latest numbers from the Mortgage Bankers Association show the median mortgage application payment increased in May to $1,897. The MBA reported that payments have increased $513 in the first five months of the year. Last week, the Federal Reserve raised its benchmark Federal Funds rate by 0.75%, the largest increase since November 1994, as part of its continuing effort to slow rampant inflation.