Mortgage Rates Accelerate in Week Ending February 10, 2022

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 10, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.69% with an average 0.8 point, up from last week when it averaged 3.55%. A year ago, at this time, the 30-year FRM averaged 2.73%.

The 15-year fixed-mortgage rate averaged 2.93% with an average 0.8 point, up from last week when it averaged 2.77%. A year ago, at this time, the 15-year FRM averaged 2.19%.

In remarks prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “The normalization of the economy continues as mortgage rates jumped to the highest level since the emergence of the pandemic. Rate increases are expected to continue due to a strong labor market and high inflation, which likely will have an adverse impact on homebuyer demand.”