Freddie Mac’s Primary Mortgage Market Survey (PMMS) results show that the 30-year fixed-rate mortgage averaged 5.11% with an average 0.8 point as of April 21 – up from last week, when it averaged 5%.
A year ago at this time, the 30-year FRM averaged 2.97%.
“Mortgage rates increased for the seventh consecutive week, as Treasury yields continued to rise,” observes Sam Khater, Freddie Mac’s chief economist. “While springtime is typically the busiest homebuying season, the upswing in rates has caused some volatility in demand. It continues to be a seller’s market, but buyers who remain interested in purchasing a home may find that competition has moderately softened.”
The 15-year fixed-rate mortgage averaged 4.38% with an average 0.8 point, up from last week when it averaged 4.17%. A year ago at this time, the 15-year FRM averaged 2.29%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.75% with an average 0.3 point, up from last week when it averaged 3.69%. A year ago at this time, the 5-year ARM averaged 2.83%.
Photo by Brian Babb on Unsplash
