Mortgage Rates Climb for the Fifth Successive Week in the Week Ending April 7, 2022

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 7, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 4.72% with an average 0.8 point, up from last week when it averaged 4.67%. A year ago, at this time, the 30-year FRM averaged 3.13%.

The 15-year fixed-rate mortgage averaged 3.91% with an average 0.8 point, up from last week when it averaged 3.83%. A year ago, at this time, the 15-year FRM averaged 2.42%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.56% with an average 0.3 point, up from last week when it averaged 3.50%. A year ago, at this time, the 5-year ARM averaged 2.92%.

In a statement prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “Mortgage rates have increased 1.5 percentage points over the last three months alone, the fastest three-month rise since May of 1994. The increase in mortgage rates has softened purchase activity such that the monthly payment for those looking to buy a home has risen by at least 20 percent from a year ago.”