Freddie Mac’s Primary Mortgage Market Survey (PMMS) results show that the 30-year fixed-rate mortgage (FRM) averaged 5.51% with an average 0.8 point as of July 14, up from last week, when it averaged 5.3%.
A year ago at this time, the 30-year FRM averaged 2.88%.
“Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags,” observes Sam Khater, Freddie Mac’s Chief Economist. “With rates the highest in over a decade, home prices at escalated levels, and inflation continuing to impact consumers, affordability remains the main obstacle to homeownership for many Americans.”
The 15-year fixed-rate mortgage averaged 4.67% with an average 0.8 point, up from last week, when it averaged 4.45%. A year ago at this time, the 15-year FRM averaged 2.22%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.35% with an average 0.2 point, up from last week, when it averaged 4.19%. A year ago at this time, the 5-year ARM averaged 2.47%.
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