The 30-year fixed rate mortgage plus a quarter of
MCLEAN, Va., Sept. 22, 2022 (GLOBE NEWSWIRE) — 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 6.29%.
“The housing market continues to face headwinds as mortgage rates rise again this week, after the 10-year Treasury yield jumped to its highest level since 2011,” said Sam Khater, senior economist. head of Freddie Mac. “Impacted by higher rates, home prices are falling and home sales have declined. However, the number of homes for sale remains well below normal levels.
- 30-year fixed rate mortgage averaged 6.29% with an average of 0.9 points as of September 22, 2022, up from last week when it averaged 6.02%. A year ago at this time, the 30-year FRM averaged 2.88%.
- 15-year fixed rate mortgage an average of 5.44% with an average of 1.0 points, up from last week when it averaged 5.21%. A year ago at this time, the 15-year FRM averaged 2.15%.
- 5 Year Treasury Indexed Hybrid Variable Rate Mortgage (ARM) averaged 4.97% with an average of 0.4 points, up from last week when it averaged 4.93%. A year ago at this time, the 5-year ARM averaged 2.43%.
PMMS® focuses on conventional, conforming, fully amortized home purchase loans for borrowers who have 20% 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.
NOTE: Freddie Mac is making a number of enhancements to PMMS to improve the collection, quality, and diversity of data used. Instead of surveying lenders, the weekly results will be based on applications received from thousands of lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage. Also, we will no longer publish fees/points or adjustable rates. The newly revamped PMMS will go live in November 2022, and weekly distribution will occur on Thursdays at 12:00 noon ET.
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.
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