Mortgage Rates Continue Climbing
Freddie Mac (OTCQB: FMCC) reported the results of its Primary Mortgage Market Survey (PMMS) for April 7, 2022, revealing a significant rise in mortgage rates. The 30-year fixed-rate mortgage averaged 4.72%, a notable increase from 4.67% the previous week and 3.13% a year ago. Similarly, the 15-year FRM and 5-year ARM rates also saw increases, averaging 3.91% and 3.56%, respectively. This rise in rates, the fastest in nearly three decades, has diminished purchase activity as homebuyers face payments that are at least 20% higher than last year.
- Mortgage rates are reported to have increased, indicating a strong demand for mortgages.
- Freddie Mac continues to provide mortgage capital, making housing accessible for millions.
- The 30-year fixed-rate mortgage increased by 1.5 percentage points in the last three months, the fastest rise since 1994.
- The monthly payment for homebuyers has risen by at least 20% compared to last year, potentially reducing purchase activity.
MCLEAN, Va., April 07, 2022 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 4.72 percent.
“Mortgage rates have increased 1.5 percentage points over the last three months alone, the fastest three-month rise since May of 1994,” said Sam Khater, Freddie Mac’s Chief Economist. “The increase in mortgage rates has softened purchase activity such that the monthly payment for those looking to buy a home has risen by at least 20 percent from a year ago.”
News Facts
- 30-year fixed-rate mortgage averaged 4.72 percent with an average 0.8 point for the week ending April 7, 2022, up from last week when it averaged 4.67 percent. A year ago at this time, the 30-year FRM averaged 3.13 percent.
- 15-year fixed-rate mortgage averaged 3.91 percent with an average 0.8 point, up from last week when it averaged 3.83 percent. A year ago at this time, the 15-year FRM averaged 2.42 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.56 percent with an average 0.3 point, up from last week when it averaged 3.50 percent. A year ago at this time, the 5-year ARM averaged 2.92 percent.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
MEDIA CONTACT:
Chad Wandler
703-903-2446
Chad_Wandler@FreddieMac.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/504ecac9-5d4f-48bd-932d-ae831a9ee4dd
FAQ
What is the current average rate for a 30-year fixed-rate mortgage according to Freddie Mac?
How much have mortgage rates increased recently according to the April 2022 release?
What impact has the increase in mortgage rates had on homebuyers?
What were the average rates for 15-year fixed-rate and 5-year adjustable-rate mortgages?
