{"id":20383,"date":"2022-05-03T12:37:58","date_gmt":"2022-05-03T12:37:58","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=20383"},"modified":"2022-05-03T12:37:59","modified_gmt":"2022-05-03T12:37:59","slug":"mortgage-rates-average-5-10","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/mortgage-rates-average-5-10\/","title":{"rendered":"Mortgage Rates Average 5.10%"},"content":{"rendered":"\n

Mortgage Rates Average 5.10%<\/p>\n\n\n\n

The 30-year fixed-rate mortgage barely budged this week, but it\u2019s still stressing home shoppers feeling concern about being priced out. The 30-year fixed-rate mortgage averaged 5.10%, down slightly from 5.11% last week, Freddie Mac reports.<\/p>\n\n\n\n

But it is one week before the Federal Reserve is expected to raise interest rates further, Nadia Evangelou, National Association of REALTORS\u00ae senior economist and director of forecasting, says on the association\u2019s blog. The Fed\u2019s key rate does not have a direct impact on mortgage rates but it does often influence them.<\/p>\n\n\n\n

Borrowers may be getting nervous about how high rates could go. Higher rates already are forcing them to increase their budgets. Current buyers need to spend about $25,000 more to buy a comparable home this year than a year ago, Evangelou says.<\/p>\n\n\n\n

\u201cThe combination of swift home price growth and the fastest mortgage rate increase in over 40 years is finally affecting purchase demand,\u201d says Sam Khater, Freddie Mac\u2019s chief economist. \u201cHome buyers navigating the current environment are coping in a variety of ways, including switching to adjustable-rate mortgages, moving away from expensive coastal cities, and looking to more affordable suburbs. We expect the decline in demand to soften home price growth to a more sustainable pace later this year.<\/p>\n\n\n\n

NAR has predicted a 10% drop in home sales for 2022.<\/p>\n\n\n\n

Still, while panic continues over higher mortgages, economists note that rates remain lower than historical averages. In 2002, the average rate on a 30-year fixed-rate mortgage was about 7%, which is much higher than this week\u2019s average of 5.10%.<\/p>\n\n\n\n

Freddie Mac reports the following national averages with mortgage rates for the week ending April 28:<\/p>\n\n\n\n