“Mortgage rates continued to inch downward this week but are still significantly higher than last year, affecting affordability and purchase demand,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the summer, the potential homebuyer pool has shrunk, supply is on the rise and the housing market is normalizing. This is welcome news following unprecedented market tightness over the last couple years.”
- 30-year fixed-rate mortgage averaged 5.09 percent with an average 0.8 point as of June 2, 2022, down slightly from last week when it averaged 5.10 percent. A year ago at this time, the 30-year FRM averaged 2.99 percent.
- 15-year fixed-rate mortgage averaged 4.32 percent with an average 0.8 point, up slightly from last week when it averaged 4.31 percent. A year ago at this time, the 15-year FRM averaged 2.27 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.04 percent with an average 0.3 point, down from last week when it averaged 4.20 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.