30-Year Mortgage Climbs Above 7% For the First Time in 20 Years
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Mortgage Rates Surpass Seven Percent
Mortgage Rates Surpass Seven Percent
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 27, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 7.08% with an average 0.8 point, up from last week when it averaged 6.94%. This is the highest level since April 2002. A year ago at this time, the 30-year FRM averaged just 3.14%.
The 15-year FRM averaged 6.36% with an average 1.4 point, up from last week when it averaged 6.23%. A year ago at this time, the 15-year FRM averaged 2.37%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 5.96% with an average 0.3 point, up from last week when it averaged 5.71%. A year ago at this time, the 5-year ARM averaged 2.56%.
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