Mortgage Rates Climb Higher in the Week Ending May 5, 2022

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 5, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.27% with an average 0.9 point, up from last week when it averaged 5.10%. A year ago, at this time, the 30-year FRM averaged 2.96%.

The 15-year fixed-rate mortgage averaged 4.52% with an average 0.8 point, up from last week when it averaged 4.40%. A year ago, at this time, the 15-year FRM averaged 2.30%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.96% with an average 0.2 point, up from last week when it averaged 3.78%. A year ago, at this time, the 5-year ARM averaged 2.70%.

In a statement prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater, said, “Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009. While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming months.”