Mortgage Rates Continue to Move Up
Freddie Mac (OTCQB: FMCC) reported that the 30-year fixed-rate mortgage averaged 5.81% as of June 23, 2022, an increase from 5.78% the previous week and significantly up from 3.02% a year ago. The 15-year fixed-rate mortgage also rose to 4.92%, while the 5-year Treasury-indexed ARM averaged 4.41%. Rising mortgage rates and high home prices are attributed to declines in existing home sales, although demand remains competitive.
- Average 30-year fixed-rate mortgage increased by 0.03% week-over-week to 5.81%.
- 15-year fixed-rate mortgage rose to 4.92%, showing high interest.
- 5-year Treasury-indexed ARM increased to 4.41%, reflecting mortgage market trends.
- Fixed mortgage rates have risen over two percentage points since the start of 2022.
- High mortgage rates and home prices are causing declines in existing home sales.
MCLEAN, Va., June 23, 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 5.81 percent.
“Fixed mortgage rates have increased by more than two full percentage points since the beginning of the year,” said Sam Khater, Freddie Mac’s Chief Economist. “The combination of rising rates and high home prices is the likely driver of recent declines in existing home sales. However, in reality many potential homebuyers are still interested in purchasing a home, keeping the market competitive but leveling off the last two years of red-hot activity.”
News Facts
- 30-year fixed-rate mortgage averaged 5.81 percent with an average 0.8 point as of June 23, 2022, up from last week when it averaged 5.78 percent. A year ago at this time, the 30-year FRM averaged 3.02 percent.
- 15-year fixed-rate mortgage averaged 4.92 percent with an average 0.9 point, up from last week when it averaged 4.81 percent. A year ago at this time, the 15-year FRM averaged 2.34 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.41 percent with an average 0.3 point, up from last week when it averaged 4.33 percent. A year ago at this time, the 5-year ARM averaged 2.53 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/8992100c-a1fd-4e92-9d67-b3df8063214e
FAQ
What is the current average rate for a 30-year fixed mortgage from Freddie Mac as of June 23, 2022?
How much has the 30-year fixed mortgage rate increased from June 2021 to June 2022?
What are the implications of rising mortgage rates for home sales according to Freddie Mac?
What was the average rate for a 15-year fixed mortgage on June 23, 2022?
What is the average rate for a 5-year Treasury-indexed ARM reported by Freddie Mac?
