Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 4.72% with an average 0.8 point for the week ending April 7, up from last week, when it averaged 4.67%.
A year ago at this time, the 30-year FRM averaged 3.13%.
“Mortgage rates have increased 1.5 percentage points over the last three months alone – the fastest three-month rise since May of 1994,” observes Sam Khater, Freddie Mac’s chief economist. “The increase in mortgage rates has softened purchase activity such that the monthly payment for those looking to buy a home has risen by at least 20 percent from a year ago.”
The 15-year fixed-rate mortgage averaged 3.91% with an average 0.8 point, up from last week, when it averaged 3.83%. A year ago at this time, the 15-year FRM averaged 2.42%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.56% with an average 0.3 point, up from last week, when it averaged 3.50%. A year ago at this time, the 5-year ARM averaged 2.92%.