Freddie Mac’s Primary Mortgage Market Survey (PMMS) results show that the 30-year fixed-rate mortgage (FRM) averaged 3.56% with an average 0.7 point for the week ending January 20 – up from last week, when it averaged 3.45%.
A year ago at this time, the 30-year FRM averaged 2.77%.
“Mortgage rates moved up again as the 10-year U.S. Treasury yield rose and financial markets adjusted to anticipated changes in monetary policy that will combat inflation,” comments Sam Khater, Freddie Mac’s chief economist.
“As a result of higher mortgage rates, purchase demand has modestly waned in advance of the spring homebuying season. However, supply remains near historically tight levels and home prices remain high, keeping the market competitive.”
The 15-year fixed-rate mortgage averaged 2.79% with an average 0.6 point – up from last week, when it averaged 2.62%. A year ago at this time, the 15-year FRM averaged 2.21%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.6% with an average 0.3 point – up from last week, when it averaged 2.57%. A year ago, the 5-year ARM averaged 2.8%.