Mortgage Rates Little Changed in Week Ending January 27, 2022

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending January 27, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.55% with an average 0.7 point, down slightly from last week when it averaged 3.56%. A year ago, at this time, the 30-year FRM averaged 2.73%.

The 15-year fixed-mortgage rate averaged 2.80% with an average 0.6 point, up slightly from last week when it averaged 2.79%. A year ago, at this time, the 15-year FRM averaged 2.20%.

In remarks prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “Following a month-long rise, mortgage rates effectively stayed flat this week. Recent rate increases have yet to significantly impact purchase demand, as history demonstrates that potential homebuyers who are on the fence will often enter the market at the start of rate increase cycles.”

“We do expect rates to continue to increase but at a more gradual pace,” Khater continued. “Therefore, a fair number of current homeowners could continue to benefit from refinancing to lower their mortgage payment.”