Mortgage Rates Surge Higher in the Week Ending June 16, 2022

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 16, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 5.78% with an average 0.9 point, up from last week when it averaged 5.23%. This is the largest one week increase since 1987. A year ago, at this time, the 30-year FRM averaged 2.93%.

The 15-year fixed-rate mortgage averaged 4.81% with an average 0.9 point, up from last week when it averaged 4.38%. A year ago, at this time, the 15-year FRM averaged 2.24%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.33 with an average 0.3 point, up from last week when it averaged 4.12%. A year ago, at this time, the 5-year ARM averaged 2.52%.