30-Year Fixed-Rate Mortgages Climb to 5.23 Percent Average

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Freddie Mac’s Primary Mortgage Market Survey results show the 30-year fixed-rate mortgage (FRM) averaged 5.23% with an average 0.9 point as of June 9, up from last week, when it averaged 5.09%.

A year ago at this time, the 30-year FRM averaged 2.96%.

“After little movement the last few weeks, mortgage rates rose again on the back of increased economic activity and incoming inflation data,” comments Sam Khater, Freddie Mac’s chief economist. “The housing market is incredibly rate-sensitive, so as mortgage rates increase suddenly, demand again is pulling back. The material decline in purchase activity, combined with the rising supply of homes for sale, will cause a deceleration in price growth to more normal levels, providing some relief for buyers still interested in purchasing a home.”

The 15-year fixed-rate mortgage averaged 4.38% with an average 0.8 point, up from last week when it averaged 4.32%. A year ago at this time, the 15-year FRM averaged 2.23%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.12% with an average 0.3 point, up from last week when it averaged 4.04%. A year ago at this time, the 5-year ARM averaged 2.55%.

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.

Image: “my neighborhood” by Cubosh is licensed under CC BY 2.0

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