“The housing market remains sluggish as mortgage rates inch up for a second consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably.”
- 30-year fixed-rate mortgage averaged 5.54 percent with an average 0.8 point as of July 21, 2022, up from last week when it averaged 5.51 percent. A year ago at this time, the 30-year FRM averaged 2.78 percent.
- 15-year fixed-rate mortgage averaged 4.75 percent with an average 0.8 point, up from last week when it averaged 4.67 percent. A year ago at this time, the 15-year FRM averaged 2.12 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.31 percent with an average 0.3 point, down from last week when it averaged 4.35 percent. A year ago at this time, the 5-year ARM averaged 2.49 percent.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.