Mortgage Rates Continue to Inch Upward
Date postedApril 12, 2022
Originally Published by: LBM Journal — April 7, 2022
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Freddie Mac‘s Primary Mortgage Market Survey (PMMS) released April 7, shows that the 30-year fixed-rate mortgage (FRM) averaged 4.72%.
“Mortgage rates have increased 1.5%age points over the last three months alone, the fastest three-month rise since May of 1994,” said Sam Khater, Freddie Mac’s chief economist. “The increase in mortgage rates has softened purchase activity such that the monthly payment for those looking to buy a home has risen by at least 20% from a year ago.”
- 30-year fixed-rate mortgage averaged 4.72% with an average 0.8 point for the week ending April 7, 2022, up from last week when it averaged 4.67%. A year ago at this time, the 30-year FRM averaged 3.13%.
- 15-year fixed-rate mortgage averaged 3.91% with an average 0.8 point, up from last week when it averaged 3.83%. A year ago at this time, the 15-year FRM averaged 2.42%.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.56% with an average 0.3 point, up from last week when it averaged 3.50%. A year ago at this time, the 5-year ARM averaged 2.92%.