“The combination of swift home price growth and the fastest mortgage rate increase in over forty years is finally affecting purchase demand,” said Sam Khater, Freddie Mac’s Chief Economist. “Homebuyers navigating the current environment are coping in a variety of ways, including switching to adjustable-rate mortgages, moving away from expensive coastal cities, and looking to more affordable suburbs. We expect the decline in demand to soften home price growth to a more sustainable pace later this year.”
- 30-year fixed-rate mortgage averaged 5.10 percent with an average 0.8 point as of April 28, 2022, down slightly from last week when it averaged 5.11 percent. A year ago at this time, the 30-year FRM averaged 2.98 percent.
- 15-year fixed-rate mortgage averaged 4.40 percent with an average 0.9 point, up from last week when it averaged 4.38 percent. A year ago at this time, the 15-year FRM averaged 2.31 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.78 percent with an average 0.3 point, up from last week when it averaged 3.75 percent. A year ago at this time, the 5-year ARM averaged 2.64 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.