Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending January 20, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.56% with an average 0.7 point, up from last week when it averaged 3.45%. A year ago at this time, the 30-year FRM averaged 2.77%.
The 15-year fixed-mortgage rate averaged 2.79% with an average 0.6 point, up from last week when it averaged 2.62% percent. 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 moved up again as the 10-year U.S. Treasury yield rose and financial markets adjusted to anticipated changes in monetary policy that will combat inflation. As a result of higher mortgage rates, purchase demand has modestly waned in advance of the spring homebuying season. However, supply remains near historically tight levels and home prices remain high, keeping the market competitive.”
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Mortgage Rates Continue to Move Up