The results of Freddie Mac’s Primary Mortgage Market Survey (PMMS) show that the 30-year fixed-rate mortgage (FRM) averaged 3.1% for the week ending December 9.
“Mortgage rates have moved sideways over the last several weeks, fluctuating within a narrow range,” says Sam Khater, Freddie Mac’s chief economist. “Going forward, the path that rates take will be directly impacted by more information about the Omicron variant as it is revealed and the overall trajectory of the pandemic. In the meantime, rates remain low and stable, even as the nation faces declining housing affordability and low inventory.”
The 30-year fixed-rate mortgage averaged 3.1% with an average 0.7 point, down slightly from last week, when it averaged 3.11%. A year ago at this time, the 30-year FRM averaged 2.71%.
The 15-year fixed-rate mortgage averaged 2.38% with an average 0.7 point, down slightly from last week, when it averaged 2.39%. A year ago at this time, the 15-year FRM averaged 2.26%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.45% with an average 0.3 point, down from last week, when it averaged 2.49%. A year ago at this time, the 5-year ARM averaged 2.79%.
