The 30-year fixed-rate mortgage (FRM) averaged 5.66% with an average 0.8 point as of September 1, according to the results of Freddie Mac’s latest Primary Mortgage Market Survey (PMMS).
That is up from last week, when it averaged 5.55%.
A year ago at this time, the 30-year FRM averaged 2.87%.
“The market’s renewed perception of a more aggressive monetary policy stance has driven mortgage rates up to almost double what they were a year ago,” comments Sam Khater, Freddie Mac’s chief economist. “The increase in mortgage rates is coming at a particularly vulnerable time for the housing market as sellers are recalibrating their pricing due to lower purchase demand, likely resulting in continued price growth deceleration.”
The 15-year fixed-rate mortgage averaged 4.98% with an average 0.8 point, up from last week, when it averaged 4.85%. A year ago at this time, the 15-year FRM averaged 2.18%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.51% with an average 0.4 point, up from last week, when it averaged 4.36%. A year ago at this time, the 5-year ARM averaged 2.43%.