15-year fixed-rate mortgage: Averaged 6.18 percent with an average 0.6 point, up from last week when it averaged 5.78 percent. A year ago at this time, the 15-year FRM averaged 6.37 percent.
Five-year Treasury-indexed hybrid ARMs: Averaged 6.16 percent this week, with an average 0.7 point, up from last week when it averaged 5.80 percent. A year ago, the 5-year ARM averaged 6.30 percent.
One-year Treasury-indexed ARMs: Averaged 5.49 percent this week with an average 0.5 point, up from last week when it averaged 5.10 percent. At this time last year, the 1-year ARM averaged 5.69 percent.
The spike in rates is attributed to rising inflation. Consumer prices increased year over year 5%. The Fed's priority conclusion is that inflation is far more dangerous than the housing crises. It would love to manage both, but given the choice they will live with foreclosure rather than the long term across the board wealth destruction of high inflation.
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