Mortgage Rates Inch Up, Housing Demand Softening?
Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 5.54%.
“The housing market remains sluggish as mortgage rates inch up for a second consecutive week,” said Sam Khater, Freddie Mac’s chief economist. “Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably.”
30-year fixed-rate mortgage averaged 5.54% with an average 0.8 point as of July 21, 2022, up from last week when it averaged 5.51%. A year ago at this time, the 30-year FRM averaged 2.78%.
15-year fixed-rate mortgage averaged 4.75% with an average 0.8 point, up from last week when it averaged 4.67%. A year ago at this time, the 15-year FRM averaged 2.12%.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.31% with an average 0.3 point, down from last week when it averaged 4.35%. A year ago at this time, the 5-year ARM averaged 2.49%.