Freddie Mac’s Primary Mortgage Market Survey (PMMS) results show that the 30-year fixed-rate mortgage (FRM) 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%.
“The housing market remains sluggish as mortgage rates inch up for a second consecutive week,” observes 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.”
The 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%. The 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%.
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