Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 9, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 5.23% with an average 0.9 point, up from last week when it averaged 5.09%. A year ago, at this time, the 30-year FRM averaged 2.96%.
The 15-year fixed-rate mortgage averaged 4.38% with an average 0.8 point, up from last week when it averaged 4.32%. A year ago, at this time, the 15-year FRM averaged 2.23%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.12% with an average 0.3 point, up from last week when it averaged 4.04%. A year ago, at this time, the 5-year ARM averaged 2.55%.
In remarks prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist Sam Khater said:
“After little movement the last few weeks, mortgage rates rose again on the back of increased economic activity and incoming inflation data. The housing market is incredibly rate-sensitive, so as mortgage rates increase suddenly, demand again is pulling back.
The material decline in purchase activity, combined with the rising supply of homes for sale, will cause a deceleration in price growth to more normal levels, providing some relief for buyers still interested in purchasing a home.”
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Mortgage Rates Increase