30- and 15-Year Fixed Mortgage Rates Decline Slightly in the Week Ending February 24, 2022

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 24, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.89% with an average 0.8 point, down from last week when it averaged 3.92%. A year ago, at this time, the 30-year FRM averaged 2.97%.

The 15-year fixed-mortgage rate averaged 3.14% with an average 0.7 point, down slightly from last week when it averaged 3.15%. A year ago, at this time, the 15-year FRM averaged 2.34%.

In a statement prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “Even with this week’s decline, mortgage rates have increased more than a full percent over the last six months. Overall economic growth remains strong, but rising inflation is already impacting consumer sentiment, which has markedly declined in recent months. As we enter the spring homebuying season with higher mortgage rates and continued low inventory, we expect home price growth to remain firm before cooling off later this year.”