Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.92 percent.
“Mortgage rates jumped again due to high inflation and stronger than expected consumer spending,” said Sam Khater, Freddie Mac’s Chief Economist. “The 30-year fixed-rate mortgage is nearing four percent, reaching highs we have not seen since May 2019. As rates and house prices rise, affordability has become a substantial hurdle for potential homebuyers, especially as inflation threatens to place a strain on consumer budgets.”
- 30-year fixed-rate mortgage averaged 3.92 percent with an average 0.8 point for the week ending February 17, 2022, up from last week when it averaged 3.69 percent. A year ago at this time, the 30-year FRM averaged 2.81 percent.
- 15-year fixed-rate mortgage averaged 3.15 percent with an average 0.8 point, up from last week when it averaged 2.93 percent. A year ago at this time, the 15-year FRM averaged 2.21 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent with an average 0.3 point, up from last week when it averaged 2.80 percent. A year ago at this time, the 5-year ARM averaged 2.77 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.