Mortgage Rates: 30-Year Ticks Down, 15-Year Ticks Up in the Week Ending April 28, 2022

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 28, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.10% with an average 0.8 point, down from last week when it averaged 5.11%. A year ago, at this time, the 30-year FRM averaged 2.98%.

The 15-year fixed-rate mortgage averaged 4.40% with an average 0.9 point, up from last week when it averaged 4.38%. A year ago, at this time, the 15-year FRM averaged 2.31%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.78% with an average 0.3 point, up from last week when it averaged 3.75%. A year ago, at this time, the 5-year ARM averaged 2.64%.

In a statement prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater, said:

“The combination of swift home price growth and the fastest mortgage rate increase in over forty years is finally affecting purchase demand. Homebuyers navigating the current environment are coping in a variety of ways, including switching to adjustable-rate mortgages, moving away from expensive coastal cities, and looking to more affordable suburbs. We expect the decline in demand to soften home price growth to a more sustainable pace later this year.”