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The Wall Street Publication > Blog > Markets > Mortgage Rates Jump to Highest Level Since March 2020
Markets

Mortgage Rates Jump to Highest Level Since March 2020

Editorial Board Published January 13, 2022
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Mortgage Rates Jump to Highest Level Since March 2020
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A for sale sign outside a home in Seattle. The median price for existing homes rose 13.9% in November from a year earlier to $353,900.

Photo: KAREN DUCEY/REUTERS

By

Orla McCaffrey

Jan. 13, 2022 11:48 am ET

Mortgage rates have hit their highest level since March 2020, the month the coronavirus pandemic took hold in the U.S. and roiled markets.

The average rate for a 30-year fixed-rate loan was 3.45% for the week ended Thursday, according to mortgage finance giant Freddie Mac, FMCC -0.75% up from 3.22% a week ago.

Expectations that the Federal Reserve will raise interest rates multiple times this year are driving up mortgage rates, which are closely tied to the 10-year U.S. Treasury.

Rates have now risen for three straight weeks. A year ago, the rate on America’s most popular home loan was 2.79%, just above its record low of 2.65%. Still, rates remain near historic lows.

Higher borrowing costs, combined with record-high home prices, could push some would-be buyers out of the market. The median price for existing homes rose 13.9% in November from a year earlier to $353,900, according to the National Association of Realtors.

“Given the fast pace of home price growth, [higher rates] will likely dampen demand in the near future,” Sam Khater, chief economist at Freddie Mac, said in a statement.

Mortgage payments are already less affordable relative to income than at any time since 2008, according to the Federal Reserve Bank of Atlanta. In early 2021, Americans needed about 29% of their income to cover a mortgage payment on a median-priced home, the Atlanta Fed estimated. That rose to 33% by October.

The U.S. mortgage market involves some key players that play important roles in the process. Here’s what investors should understand and what risks they take when investing in the industry. WSJ’s Telis Demos explains. Photo: Getty Images/Martin Barraud

Write to Orla McCaffrey at [email protected]

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the January 14, 2022, print edition as ‘U.S. Mortgage Rates Reach Highest Level Since March 2020.’

Contents
A for sale sign outside a home in Seattle. The median price for existing homes rose 13.9% in November from a year earlier to $353,900.Orla McCaffrey
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