“Fixed mortgage rates have increased by more than two full percentage points since the beginning of the year,” said Sam Khater, Freddie Mac’s Chief Economist. “The combination of rising rates and high home prices is the likely driver of recent declines in existing home sales. However, in reality many potential homebuyers are still interested in purchasing a home, keeping the market competitive but leveling off the last two years of red-hot activity.”
- 30-year fixed-rate mortgage averaged 5.81 percent with an average 0.8 point as of June 23, 2022, up from last week when it averaged 5.78 percent. A year ago at this time, the 30-year FRM averaged 3.02 percent.
- 15-year fixed-rate mortgage averaged 4.92 percent with an average 0.9 point, up from last week when it averaged 4.81 percent. A year ago at this time, the 15-year FRM averaged 2.34 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.41 percent with an average 0.3 point, up from last week when it averaged 4.33 percent. A year ago at this time, the 5-year ARM averaged 2.53 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.