Mortgage Rates Top 5.0% in Week Ending April 14, 2022

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 14, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.00% with an average 0.8 point.

The 15-year fixed-rate mortgage averaged 4.17% with an average 0.9 point, up from last week when it averaged 3.91%. A year ago, at this time, the 15-year FRM averaged 2.35%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.69% with an average 0.3 point, up from last week when it averaged 3.56%. A year ago, at this time, the 5-year ARM averaged 2.80%.

In remarks prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “This week, mortgage rates averaged five percent for the first time in over a decade. As Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices, and tight inventory are making the pursuit of homeownership the most expensive in a generation.”