30-Year Fixed Mortgage Rate Flat, but 15-Year Fixed Rate Slightly Lower in Week Ending February 3, 2022

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 3, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.55% with an average 0.8 point, unchanged from last week. A year ago at this time, the 30-year FRM averaged 2.73%.

The 15-year fixed-mortgage rate averaged 2.77% with an average 0.7 point, down from last week when it averaged 2.80%. A year ago at this time, the 15-year FRM averaged 2.21%.

In a statement prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “The economy lost some momentum in January, leaving mortgage rates unchanged from last week and relatively flat for the third consecutive week. This stagnation reflects the economic impact of the Omicron variant of COVID-19, which we believe will subside in the coming months. As economic recovery continues going into the spring and summer, mortgage rates are expected to resume their upward trajectory. In the meantime, recent data suggests that homebuyer demand continues to be elevated as supply remains low, driving higher home prices.”