Freddie Mac’s Primary Mortgage Market Survey results show that the 30-year fixed-rate mortgage (FRM) is averaging 3.12%.
“Mortgage rates inched up as a result of economic improvement and a shift in monetary policy guidance,” states Sam Khater, Freddie Mac’s chief economist. “While house price growth is slowing, prices remain high due to solid housing demand and low supply. We expect rates to continue to increase into 2022, which may leave some potential home buyers with less room in their budgets on the sideline.”
The 30-year fixed-rate mortgage averaged 3.12%, with an average 0.6 point for the week ending Dec. 16, up from the week prior, when it averaged 3.10%. A year ago at this time, the 30-year FRM averaged 2.67%.
The 15-year, fixed-rate mortgage averaged 2.34% with an average 0.7 point, down from the week prior, when it averaged 2.38%. A year ago at this time, the 15-year FRM averaged 2.21%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.45% with an average 0.3 point, unchanged from the week prior. A year ago at this time, the five-year ARM averaged 2.79%.