MCLEAN, Va., June 23, 2022 (GLOBE NEWSWIRE) — Freddie Mac (FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year Fixed Rate Mortgage (FRM) averaged 5.81%.
“Fixed mortgage rates have risen more than two percentage points since the start of the year,” said Sam Khater, chief economist at Freddie Mac. “The combination of rising rates and high home prices is likely driving the recent declines in existing home sales. However, in reality, many potential buyers are still interested in buying a home, keeping the market competitive but stabilizing the last two years of hot activity.
- 30-year fixed rate mortgage averaged 5.81% with an average of 0.8 points as of June 23, 2022, up from last week when it averaged 5.78%. A year ago at this time, the 30-year FRM averaged 3.02%.
- 15-year fixed rate mortgage an average of 4.92% with an average of 0.9 points, up from last week when it averaged 4.81%. A year ago at this time, the 15-year FRM averaged 2.34%.
- 5 Year Treasury Indexed Hybrid Variable Rate Mortgage (ARM) averaged 4.41% with an average of 0.3 points, up from last week when it averaged 4.33%. A year ago at this time, the 5-year ARM averaged 2.53%.
PMMS® focuses on conventional, conforming, fully amortized home purchase loans for borrowers who have a 20% down payment and excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our founding by Congress in 1970, we have made housing more accessible and affordable for buyers and renters in communities nationwide. We are building a better housing finance system for buyers, renters, lenders, investors and ratepayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog, FreddieMac.com/blog.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8992100c-a1fd-4e92-9d67-b3df8063214e