30-Year and 15-Year Mortgage Rates Moved Higher in the Week Ending January 6, 2022

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Mortgage Rates Increase

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending January 6, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.22% with an average 0.7 point, up from last week when it averaged 3.11%. A year ago, at this time, the 30-year FRM averaged 2.65%.

The 15-year fixed-mortgage averaged 2.43% with an average 0.6 point, up from last week when it averaged 2.33%. A year ago, at this time, the 15-year FRM averaged 2.16%.

In a statement prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “Mortgage rates increased during the first week of 2022 to the highest level since May 2020 and are more than half a percent higher than January 2021. With higher inflation, promising economic growth and a tight labor market, we expect rates will continue to rise. The impact of higher rates on purchase demand remains modest so far given the current first-time homebuyer growth.”

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