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Mar 17, 2022 - Economy & Business

Mortgage rates above 4% for first time since 2019

Hope King
Data: Freddie Mac via St. Louis Fed; Chart: Axios Visuals
Data: Freddie Mac via St. Louis Fed; Chart: Axios Visuals

Another pre-pandemic metric has returned and looks here to stay: mortgage rates.

  • For the first time since May 2019, the 30-year fixed-rate exceeded 4% this week, FreddieMac reported today.

The big picture: While a sharp uptick from a record low of 2.65% last January, the rate is still historically low.

  • Also worth noting: The latest average was recorded before the Fed raised interest rates yesterday, but mortgage rates were already on the rise in anticipation.

By the numbers: The median price for a home was $277,000 the last time the 30-year mortgage rate topped 4%, according to the WSJ.

  • The rate a year ago was 3.09%. The rate average 3.85% last week.

What to watch: How much impact higher rates might have on demand for homes, which are still at historically low inventory levels.

Go deeper: Why soaring mortgage rates might not cool the housing market

Go deeper