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.”
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