Economics
Mortgage Rates Swing Back Up, Hitting 5.22% in Volatile Market
- Housing market is becoming more balanced, Freddie Mac says
- Mortgage rates increase for first time in three weeks
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US mortgage rates rose back above 5%, ratcheting up pressure on the cooling housing market.
The average for a 30-year loan increased to 5.22% from 4.99% last week, Freddie Mac said Thursday in a statement. That’s the first increase since July 21.