Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.55% for the week ending February 3.
“The economy lost some momentum in January, leaving mortgage rates unchanged from last week and relatively flat for the third consecutive week. This stagnation reflects the economic impact of the Omicron variant of COVID-19, which we believe will subside in the coming months,” says Sam Khater, Freddie Mac’s chief economist. “As economic recovery continues going into the spring and summer, mortgage rates are expected to resume their upward trajectory. In the meantime, recent data suggests that homebuyer demand continues to be elevated as supply remains low, driving higher home prices.”
The 30-year fixed-rate mortgage averaged 3.55% with an average 0.8 point, unchanged from last week. A year ago at this time, the 30-year FRM averaged 2.73%.
The 15-year fixed-rate mortgage averaged 2.77% with an average 0.7 point, down from last week when it averaged 2.80%. A year ago at this time, the 15-year FRM averaged 2.21%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.71% with an average 0.3 point, up slightly from last week when it averaged 2.70%. A year ago at this time, the 5-year ARM averaged 2.78%.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.
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