Mortgage Rates Fluctuate But Housing Market Stabilizes, Observes Freddie Mac

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Primary Mortgage Market Survey (PMMS) results from Freddie Mac show that the 30-year fixed-rate mortgage (FRM) averaged 5.22 percent with an average 0.7 point as of August 11, up from last week, when it averaged 4.99%.

A year ago at this time, the 30-year FRM averaged 2.87%.

“The 30-year fixed-rate went back up to well over five percent this week, a reminder that recent volatility remains persistent,” says Sam Khater, Freddie Mac’s chief economist. “Although rates continue to fluctuate, recent data suggest that the housing market is stabilizing as it transitions from the surge of activity during the pandemic to a more balanced market. Declines in purchase demand continue to diminish while supply remains fairly tight across most markets. The consequence is that house prices likely will continue to rise, but at a slower pace for the rest of the summer.”

The 15-year fixed-rate mortgage averaged 4.59% with an average 0.7 point, up from last week when it averaged 4.26%. A year ago at this time, the 15-year FRM averaged 2.15%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.43% with an average 0.0 point, up from last week when it averaged 4.25%. A year ago at this time, the 5-year ARM averaged 2.44%.

Image: “Housing – Real Estate – Up Arrow – Sales” by gfdnova1 is licensed under CC BY-SA 2.0

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