Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending December 30th 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.11% with an average 0.7 point, up from last week when it averaged 3.05%. A year ago, at this time, the 30-year FRM averaged 2.67%.
The 15-year fixed-mortgage averaged 2.33% with an average 0.7 point, up from last week when it averaged 2.30%. A year ago, at this time, the 15-year FRM averaged 2.17%
In remarks prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “Mortgage rates have effectively been moving sideways despite the increase in new COVID cases. This is because incoming economic data suggests that the economy remains on firm ground, particularly cyclical industries like manufacturing and housing. Moreover, low interest rates and high asset valuations continue to drive consumer spending. While we do expect rates to rise, the push of the first-time homebuyer demographic that’s been propelling the purchase market will continue in 2022 and beyond.”
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Mortgage Rates Continue to Move Sideways Heading into 2022