Mortgage Rates Rise, Doubles Rate One Year Ago
Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 5.55%.
“The combination of higher mortgage rates and the slowdown in economic growth is weighing on the housing market,” said Sam Khater, Freddie Mac’s chief economist. “Home sales continue to decline, prices are moderating, and consumer confidence is low. But, amid waning demand, there are still potential homebuyers on the sidelines waiting to jump back into the market.”
- 30-year fixed-rate mortgage averaged 5.55% with an average 0.8 point as of August 25, 2022, up from last week when it averaged 5.13%. A year ago at this time, the 30-year FRM averaged 2.87%.
- 15-year fixed-rate mortgage averaged 4.85% with an average 0.8 point, up from last week when it averaged 4.55%. A year ago at this time, the 15-year FRM averaged 2.17%.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.36% with an average 0.4 point, down from last week when it averaged 4.39%. A year ago at this time, the 5-year ARM averaged 2.42%.