The results of Freddie Mac’s Primary Mortgage Market Survey (PMMS) show that the 30-year fixed-rate mortgage (FRM) averaged 5% with an average 0.8 point as of April 14, up from last week, when it averaged 4.72%.
A year ago at this time, the 30-year FRM averaged 3.04%.
“This week, mortgage rates averaged five percent for the first time in over a decade,” says Sam Khater, Freddie Mac’s chief economist. “As Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices and tight inventory are making the pursuit of homeownership the most expensive in a generation.”
The 15-year fixed-rate mortgage averaged 4.17% with an average 0.9 point, up from last week, when it averaged 3.91%. A year ago at this time, the 15-year FRM averaged 2.35%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.69% with an average 0.3 point, up from last week when it averaged 3.56%. A year ago at this time, the 5-year ARM averaged 2.80%.
