After Two Consecutive Weeks of Decline, Mortgage Rates Climb Higher in the Week Ending March 10, 2022

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 10, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.85% with an average 0.8 point, up from last week when it averaged 3.76%. A year ago, at this time, the 30-year FRM averaged 3.05%.

The 15-year fixed-rate mortgage averaged 3.09% with an average 0.8 point, up from last week when it averaged 3.01%. A year ago, at this time, the 15-year FRM averaged 2.38%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97% with an average 0.3 point, up from last week when it averaged 2.91%. A year ago, at this time, the 5-year ARM averaged 2.77%.

In a statement prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “Following two weeks of declines, mortgage rates rose this week as U.S. Treasury yields increased. Over the long-term, we expect rates to continue to rise as inflation broadens and shortages increasingly impact many segments of the economy. However, uncertainty about the war in Ukraine is driving rate volatility that likely will continue in the short-term.”