By Ariana Fine -March 17, 2022
Freddie Mac’s Primary Mortgage Market Survey (PMMS) shows the 30-year fixed-rate mortgage (FRM) averaged 4.16% for the week ending March 17.
“The 30-year fixed-rate mortgage exceeded 4% for the first time since May of 2019,” states Sam Khater, Freddie Mac’s chief economist.
“The Fed Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the course of the year".
While home purchase demand has moderated, it remains competitive due to low existing inventory, suggesting high house price pressures will continue during the spring homebuying season.”
The 30-year FRM averaged 4.16% with an average 0.8 point – up from last week when it averaged 3.85%. A year ago at this time, the 30-year FRM averaged 3.09%.
The 15-year FRM averaged 3.39% with an average 0.8 point – up from last week when it averaged 3.09%. A year ago at this time, the 15-year FRM averaged 2.40%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.19% with an average 0.2 point – up from last week when it averaged 2.97%. A year ago at this time, the 5-year ARM averaged 2.79%.