Mortgage Rates Continue to Move Up
On March 24, 2022, Freddie Mac (FMCC) reported that the 30-year fixed-rate mortgage averaged 4.42 percent, rising from 4.16 percent the previous week. This increase is attributed to factors such as rising inflation, geopolitical uncertainty, and actions by the Federal Reserve. As a result, homebuyers are facing greater challenges due to increased monthly mortgage payments and ongoing house price appreciation. The 15-year fixed-rate mortgage also saw a rise to 3.63 percent, while the 5-year ARM reached 3.36 percent.
- None.
- Increased mortgage rates may weaken consumer purchasing power due to higher monthly payments.
- Rising rates combined with house price appreciation could make home buying less affordable.
- Mortgage rates for the 30-year FRM increased from 3.17 percent last year, indicating a significant rise.
MCLEAN, Va., March 24, 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 4.42 percent.
“This week, the 30-year fixed-rate mortgage increased by more than a quarter of a percent as mortgage rates across all loan types continued to move up,” said Sam Khater, Freddie Mac’s Chief Economist. “Rising inflation, escalating geopolitical uncertainty and the Federal Reserve’s actions are driving rates higher and weakening consumers’ purchasing power. In short, the rise in mortgage rates, combined with continued house price appreciation, is increasing monthly mortgage payments and quickly affecting homebuyers’ ability to keep up with the market.”
News Facts
- 30-year fixed-rate mortgage averaged 4.42 percent with an average 0.8 point for the week ending March 24, 2022, up from last week when it averaged 4.16 percent. A year ago at this time, the 30-year FRM averaged 3.17 percent.
- 15-year fixed-rate mortgage averaged 3.63 percent with an average 0.8 point, up from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 2.45 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.36 percent with an average 0.3 point, up from last week when it averaged 3.19 percent. A year ago at this time, the 5-year ARM averaged 2.84 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:
Angela Waugaman
703-714-0644
Angela_Waugaman@FreddieMac.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/32eeee05-57f4-4edf-854c-c876b99144b1
FAQ
What is the current rate for a 30-year fixed mortgage as of March 2022?
How did mortgage rates change from last week to March 2022?
What were the mortgage rates a year ago compared to now?
What factors are driving the increase in mortgage rates according to Freddie Mac?
What are the current rates for the 15-year and 5-year adjustable-rate mortgages?
