The results of Freddie Mac’s Primary Mortgage Market Survey (PMMS) show that the 30-year fixed-rate mortgage (FRM) averaged 3.69% with an average 0.8 point for the week ending February 10 – up from last week when it averaged 3.55%.
A year ago at this time, the 30-year FRM averaged 2.73%.
“The normalization of the economy continues as mortgage rates jumped to the highest level since the emergence of the pandemic,” says Sam Khater, Freddie Mac’s chief economist. “Rate increases are expected to continue due to a strong labor market and high inflation, which likely will have an adverse impact on homebuyer demand.”
The 15-year fixed-rate mortgage averaged 2.93% with an average 0.8 point, up from last week when it averaged 2.77%. A year ago at this time, the 15-year FRM averaged 2.19%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80% with an average 0.3 point, up from last week when it averaged 2.71%. A year ago at this time, the 5-year ARM averaged 2.79%.
Photo by Ian MacDonald on Unsplash
