Freddie Mac’s Primary Mortgage Market Survey (PMMS) results show the 30-year fixed-rate mortgage averaged 5.78% with an average 0.9 point as of June 16 – up from last week, when it averaged 5.23%.
A year ago at this time, the 30-year FRM averaged 2.93%.
“Mortgage rates surged as the 30-year fixed-rate mortgage moved up more than half a percentage point, marking the largest one-week increase in our survey since 1987,” comments Sam Khater, Freddie Mac’s chief economist. “These higher rates are the result of a shift in expectations about inflation and the course of monetary policy. Higher mortgage rates will lead to moderation from the blistering pace of housing activity that we have experienced coming out of the pandemic, ultimately resulting in a more balanced housing market.”
The 15-year fixed-rate mortgage averaged 4.81% with an average 0.9 point, up from last week when it averaged 4.38%. A year ago at this time, the 15-year FRM averaged 2.24%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.33% with an average 0.3 point, up from last week when it averaged 4.12%. A year ago at this time, the 5-year ARM averaged 2.52%.
Image: Ian MacDonald on Unsplash
