Freddie Mac’s Primary Mortgage Market Survey (PMMS) results show that the 30-year fixed-rate mortgage (FRM) is averaging 3.05%.
“The market volatility resulting from the COVID-19 Omicron variant is causing mortgage rates to decrease,” observes Sam Khater, Freddie Mac’s Chief Economist. “As the year comes to a close, the housing market is proceeding steadily. However, rates are expected to increase in 2022, which will impact home buyer demand as well as refinance activity.”
The 30-year fixed-rate mortgage averaged 3.05% with an average 0.7 point for the week ending Dec. 23, down from last week, when it averaged 3.12%. A year ago at this time, the 30-year FRM averaged 2.66%.
The 15-year fixed-rate mortgage averaged 2.30% with an average 0.7 point, down from last week when it averaged 2.34%. A year ago at this time, the 15-year FRM averaged 2.19%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.37% with an average 0.4 point, down from last week when it averaged 2.45%. A year ago at this time, the five-year ARM averaged 2.79%.