Mortgage Rates Decline for Second Week in a Row in the Week Ending March 3, 2022

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 3, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.76% with an average 0.8 point, down from last week when it averaged 3.89%. A year ago, at this time, the 30-year FRM averaged 3.02%.

The 15-year fixed-rate mortgage averaged 3.01% with an average 0.8 point, down from last week when it averaged 3.14%. A year ago, at this time, the 15-year FRM averaged 2.34%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91% with an average 0.3 point, down from last week when it averaged 2.98%. A year ago, at this time, the 5-year ARM averaged 2.73%.

In remarks prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “Geopolitical tensions caused U.S. Treasury yields to recede this week as investors moved to the safety of bonds, leading to a drop in mortgage rates. While inflationary pressures remain, the cascading impacts of the war in Ukraine have created market uncertainty. Consequently, rates are expected to stay low in the short-term but will likely increase in the coming months.”