Freddie Mac’s Primary Mortgage Market Survey (PMMS) results show the 30-year fixed-rate mortgage (FRM) averaged 7.08% with an average 0.8 point as of October 27, up from last week, when it averaged 6.94 percent.
A year ago at this time, the 30-year FRM averaged 3.14 percent.
“The 30-year fixed-rate mortgage broke seven percent for the first time since April 2002, leading to greater stagnation in the housing market,” observes Sam Khater, Freddie Mac’s chief economist. “As inflation endures, consumers are seeing higher costs at every turn, causing further declines in consumer confidence this month. In fact, many potential homebuyers are choosing to wait and see where the housing market will end up, pushing demand and home prices further downward.”
The 15-year fixed-rate mortgage averaged 6.36% with an average 1.4 point, up from last week, when it averaged 6.23%. A year ago at this time, the 15-year FRM averaged 2.37%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 5.96% with an average 0.3 point, up from last week, when it averaged 5.71%. A year ago at this time, the 5-year ARM averaged 2.56%.