Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 6.94% with an average 0.9 point as of October 20, up from last week, when it averaged 6.92%.
A year ago at this time, the 30-year FRM averaged 3.09%.
“Mortgage rates slowed their upward trajectory this week,” says Sam Khater, Freddie Mac’s chief economist. “The 30-year fixed-rate mortgage continues to remain just shy of seven percent and is adversely impacting the housing market in the form of declining demand. Additionally, homebuilder confidence has dropped to half what it was just six months ago and construction, particularly single-family residential construction, continues to slow down.”
The 15-year fixed-rate mortgage averaged 6.23% with an average 1.1 point, up from last week when it averaged 6.09%. A year ago at this time, the 15-year FRM averaged 2.33%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 5.71% with an average 0.4 point, down from last week when it averaged 5.81%. A year ago at this time, the 5-year ARM averaged 2.54%.
Image: Julien Maculan on Unsplash
