Mortgage Rates Rise
On March 10, 2022, Freddie Mac (OTCQB: FMCC) reported the results of its Primary Mortgage Market Survey, revealing that the 30-year fixed-rate mortgage average increased to 3.85%, up from 3.76% the previous week and significantly higher than 3.05% a year ago. The 15-year fixed-rate mortgage also rose to 3.09%, while the 5-year ARM averaged 2.97%. Chief Economist Sam Khater predicts ongoing rate increases due to inflation and economic shortages, though geopolitical uncertainties are causing short-term volatility.
- 30-year fixed-rate mortgage averaged 3.85%, indicating a rise in mortgage rates, which can suggest economic growth.
- Freddie Mac continues to support accessibility and affordability in housing finance.
- Rising mortgage rates could deter potential homebuyers, impacting overall housing market activity.
- Increased rates reflect economic instability, influenced by inflation and geopolitical tensions.
MCLEAN, Va., March 10, 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 3.85 percent.
“Following two weeks of declines, mortgage rates rose this week as U.S. Treasury yields increased,” said Sam Khater, Freddie Mac’s Chief Economist. “Over the long-term, we expect rates to continue to rise as inflation broadens and shortages increasingly impact many segments of the economy. However, uncertainty about the war in Ukraine is driving rate volatility that likely will continue in the short-term.”
News Facts
- 30-year fixed-rate mortgage averaged 3.85 percent with an average 0.8 point for the week ending March 10, 2022, up from last week when it averaged 3.76 percent. A year ago at this time, the 30-year FRM averaged 3.05 percent.
- 15-year fixed-rate mortgage averaged 3.09 percent with an average 0.8 point, up from last week when it averaged 3.01 percent. A year ago at this time, the 15-year FRM averaged 2.38 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent with an average 0.3 point, up from last week when it averaged 2.91 percent. A year ago at this time, the 5-year ARM averaged 2.77 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/f5a806ed-a6e2-4f9b-b53e-8bcf7dd5b787
FAQ
What is the latest 30-year fixed-rate mortgage rate reported by FMCC?
How has the 15-year fixed-rate mortgage changed according to FMCC?
What is driving the volatility in mortgage rates reported by FMCC?
How does the current mortgage rate compare to last year?
What economic factors are influencing FMCC's mortgage rates?
