Mortgage Rates Decrease Slightly
Freddie Mac (OTCQB: FMCC) reported in its latest Primary Mortgage Market Survey that the 30-year fixed-rate mortgage averaged 3.89% for the week ending February 24, 2022, down from 3.92% the previous week. The 15-year fixed-rate mortgage averaged 3.14%, and the 5-year ARM remained unchanged at 2.98%. Despite the decline in rates, they have risen over a full percent in the past six months. Rising inflation is impacting consumer sentiment as Freddie Mac anticipates firm home price growth.
- 30-year fixed-rate mortgage decreased to 3.89% from 3.92% last week.
- 15-year fixed-rate mortgage decreased to 3.14% from 3.15% last week.
- Stable performance in 5-year ARM at 2.98%.
- Consumer sentiment has markedly declined due to rising inflation.
- Mortgage rates have increased over a full percent in the last six months.
MCLEAN, Va., Feb. 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 3.89 percent.
“Even with this week’s decline, mortgage rates have increased more than a full percent over the last six months,” said Sam Khater, Freddie Mac’s Chief Economist. “Overall economic growth remains strong, but rising inflation is already impacting consumer sentiment, which has markedly declined in recent months. As we enter the spring homebuying season with higher mortgage rates and continued low inventory, we expect home price growth to remain firm before cooling off later this year.”
News Facts
- 30-year fixed-rate mortgage averaged 3.89 percent with an average 0.8 point for the week ending February 24, 2022, down from last week when it averaged 3.92 percent. A year ago at this time, the 30-year FRM averaged 2.97 percent.
- 15-year fixed-rate mortgage averaged 3.14 percent with an average 0.7 point, down slightly from last week when it averaged 3.15 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 2.98 percent with an average 0.3 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 2.99 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 chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1510b397-24af-4d09-ba0c-c63931b52d26
FAQ
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