Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 5.11 percent.
“Mortgage rates increased for the seventh consecutive week, as Treasury yields continued to rise,” said Sam Khater, Freddie Mac’s Chief Economist. “While springtime is typically the busiest homebuying season, the upswing in rates has caused some volatility in demand. It continues to be a seller’s market, but buyers who remain interested in purchasing a home may find that competition has moderately softened.”
- 30-year fixed-rate mortgage averaged 5.11 percent with an average 0.8 point as of April 21, 2022, up from last week when it averaged 5.00 percent. A year ago at this time, the 30-year FRM averaged 2.97 percent.
- 15-year fixed-rate mortgage averaged 4.38 percent with an average 0.8 point, up from last week when it averaged 4.17 percent. A year ago at this time, the 15-year FRM averaged 2.29 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.75 percent with an average 0.3 point, up from last week when it averaged 3.69 percent. A year ago at this time, the 5-year ARM averaged 2.83 percent.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have 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.