Mortgage Rates Are on the Rise

The mortgage industry can be challenging to follow if you’re not meticulous about staying on top of the latest news. Thankfully, with the help of the top-rated Long Beach mortgage broker, Long Beach Home Loan, we’re here to help.

Mortgage rates are on the rise, so the time is now to get locked into lower mortgage rates while they last, which might be short-lived.

Results of Freddie Mac’s Primary Mortgage Market Survey

According to the latest Primary Mortgage Market Survey, released at the end of March, mortgage rates are averaging 4.67%.

Some critical takeaways from the market survey include the following information from Sam Khater, Freddie Mac’s Chief Economist.

Why Mortgage Rates are Rising

According to Sam Khater, there are several factors contributing to the rise of mortgage rates, including:

  • Ongoing supply disruptions
  • Strong demand for goods
  • Rapidly rising inflation

Purchase Demand is Weakening

Although purchase demand is starting to slow down a bit, it is still exceeding many market experts’ expectations. Sam Khater believes this is due to two factors, including:

  • Few homebuyers who have been waiting for cyclical lows
  • Unmet demand for first-time homebuyers

Quick Facts

Let’s look at the numbers to see what Freddie Mac shows as we wrap up the first quarter of 2022.

5-Year Treasury-Indexed Hybrid Adjustable-Rate Mortgage (ARM)

  • Averaging 3.50% with an average 0.3 point
  • Up 0.14% to the previous week (as of 3/31/22)
  • Up 0.66% to last year

15-Year Fixed-Rate Mortgage

  • Averaging 3.83% with an average 0.8 point
  • Up 0.20% to the previous week (as of 3/31/22)
  • Up 1.38% to last year

30-Year Fixed-Rate Mortgage

  • Averaging 4.67% with an average 0.8 point
  • Up 0.25% to the previous week (as of 3/31/22)
  • Up 1.49% to last year

Call Long Beach Home Loan Today!

It’s time to hurry up and buy a home before rates go up any higher than they already have! Rather than add to the mortgage process’s stress by searching for a qualified mortgage broker, call us at Long Beach Home Loan to speak with one of our brokers today.

At Long Beach Home Loan, we have the same critical tools and mortgage products as the larger banks but are a family-based local business that focuses on serving our clients, not the corporation.

Long Beach Home Loan is a well-versed business with customized services to help you with all of your home loan advising needs. Call us at 562-340-9453 or visit us online for a FREE evaluation of your real estate needs.

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Jack Skovgard
Long Beach Home Loan
Mortgage Loan Originator
NMLS: 1448432
CalBRE: 01994726

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