Mortgage Rates Climb Higher in the Week Ending February 17, 2022

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 17, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 3.92% with an average 0.8 point, up from last week when it averaged 3.69%. A year ago at this time, the 30-year FRM averaged 2.81%.

The 15-year fixed-rate mortgage averaged 3.15% with an average 0.8 point, up from last week when it averaged 2.93%. A year ago at this time, the 15-year FRM averaged 2.21%.

In a statement prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “Mortgage rates jumped again due to high inflation and stronger than expected consumer spending. The 30-year fixed-rate mortgage is nearing four percent, reaching highs we have not seen since May 2019. As rates and house prices rise, affordability has become a substantial hurdle for potential homebuyers, especially as inflation threatens to place a strain on consumer budgets.”