Mortgage Rates Dip as Market Uncertainty Grows

Industry News,

Originally Published by: LBM Journal — March 3, 2022
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Freddie Mac’s Primary Mortgage Market Survey (PMMS), released Thursday, shows that the 30-year fixed-rate mortgage (FRM) averaged 3.76%.

“Geopolitical tensions caused U.S. Treasury yields to recede this week as investors moved to the safety of bonds, leading to a drop in mortgage rates,” said Sam Khater, Freddie Mac’s chief economist. “While inflationary pressures remain, the cascading impacts of the war in Ukraine have created market uncertainty. Consequently, rates are expected to stay low in the short-term but will likely increase in the coming months.”

  • 30-year fixed-rate mortgage averaged 3.76% with an average 0.8 point for the week ending March 3, 2022, down from last week when it averaged 3.89%. A year ago at this time, the 30-year FRM averaged 3.02%.
  • 15-year fixed-rate mortgage averaged 3.01% with an average 0.8 point, down from last week when it averaged 3.14%. A year ago at this time, the 15-year FRM averaged 2.34%.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91% with an average 0.3 point, down from last week when it averaged 2.98%. A year ago at this time, the 5-year ARM averaged 2.73%.