Fixed-Rate Mortgage Jumps to 5.27 Percent Average

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Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage averaged 5.27% with an average 0.9 point as of May 5: up from last week, when it averaged 5.1%.

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

“Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009,” says Sam Khater, Freddie Mac’s chief economist. “While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming months.”

The 15-year fixed-rate mortgage averaged 4.52% with an average 0.8 point, up from last week when it averaged 4.40%. A year ago at this time, the 15-year FRM averaged 2.30%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.96% with an average 0.2 point, up from last week when it averaged 3.78%. A year ago at this time, the 5-year ARM averaged 2.70%.

Photo by Ralph Kelly on Unsplash

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