Mortgage Rates Little Changed in the Week Ending June 2, 2022

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 2, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 5.09% with an average 0.8 point, down from last week when it averaged 5.10%. A year ago, at this time, the 30-year FRM averaged 2.99%.

The 15-year fixed-rate mortgage averaged 4.32% with an average 0.8 point, up slightly from last week when it averaged 4.31%. A year ago, at this time, the 15-year FRM averaged 2.27%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.04% with an average 0.3 point, down from last week when it averaged 4.20%. A year ago, at this time, the 5-year ARM averaged 2.64%.

In remarks prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist Sam Khater said:

“Mortgage rates continued to inch downward this week but are still significantly higher than last year, affecting affordability and purchase demand. Heading into the summer, the potential homebuyer pool has shrunk, supply is on the rise and the housing market is normalizing. This is welcome news following unprecedented market tightness over the last couple years.”