The results of Freddie Mac’s Primary Mortgage Market Survey (PMMS) show that the 30-year fixed-rate mortgage (FRM) averaged 3.89% with an average 0.8 point for the week ending February 24, down from last week, when it averaged 3.92%.
A year ago at this time, the 30-year FRM averaged 2.97%.
“Even with this week’s decline, mortgage rates have increased more than a full percent over the last six months,” said Sam Khater, Freddie Mac’s Chief Economist. “Overall economic growth remains strong, but rising inflation is already impacting consumer sentiment, which has markedly declined in recent months. As we enter the spring homebuying season with higher mortgage rates and continued low inventory, we expect home price growth to remain firm before cooling off later this year.”
The 15-year fixed-rate mortgage averaged 3.14% with an average 0.7 point, down slightly from last week when it averaged 3.15%. A year ago at this time, the 15-year FRM averaged 2.34%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98% with an average 0.3 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 2.99%.
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