Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 4.42%.
“This week, the 30-year fixed-rate mortgage increased by more than a quarter of a percent as mortgage rates across all loan types continued to move up,” says Sam Khater, Freddie Mac’s chief economist.
The 30-year fixed-rate mortgage averaged 4.42% with an average 0.8 point for the week ending March 24, 2022, up from last week when it averaged 4.16%. A year ago at this time, the 30-year FRM averaged 3.17%.
“Rising inflation, escalating geopolitical uncertainty and the Federal Reserve’s actions are driving rates higher and weakening consumers’ purchasing power,” adds Khater. “In short, the rise in mortgage rates, combined with continued house price appreciation, is increasing monthly mortgage payments and quickly affecting homebuyers’ ability to keep up with the market.”
The 15-year fixed-rate mortgage averaged 3.63% with an average 0.8 point, up from last week when it averaged 3.39%. A year ago at this time, the 15-year FRM averaged 2.45%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.36% with an average 0.3 point, up from last week when it averaged 3.19%. A year ago at this time, the 5-year ARM averaged 2.84%.
Photo by Ronnie George on Unsplash