Freddie Mac’s Primary Mortgage Market Survey (PMMS) results show that the 30-year Fixed Rate Mortgage (FRM) averaged 5.30%.
“Buying demand continues to fall as the cumulative impact of higher rates, high home prices, heightened risk of recession and declining consumer confidence weighs on homebuyers,” says Sam Khater, chief economist at Freddie Mac. “It is clear that over the past two years, the combination of the pandemic, historically low mortgage rates and the ability to work remotely has spurred increased demand. Now, as the market adjusts to a higher rate environment, we are seeing a period of deflated selling activity until the market normalizes.
The 30-year fixed rate mortgage averaged 5.30% with an average of 0.8 points as of July 28, 2022, down from last week when it averaged 5.54%. A year ago at the same date, the 30-year FRM averaged 2.80%.
The 15-year fixed rate mortgage averaged 4.58% with an average of 0.8 points, down from last week when it averaged 4.75%. A year ago at the same date, the 15-year FRM averaged 2.10%.
The 5-year Treasury-indexed hybrid variable rate mortgage (ARM) averaged 4.29% with an average of 0.3 points, down from last week when it averaged 4, 31%. A year ago at this time, the 5-year ARM averaged 2.45%.
Image: Zac Gudakov on Unsplash
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