Mortgage Rates Exceed Five Percent

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported a rise in mortgage rates, with the 30-year fixed-rate mortgage averaging 5.11% as of April 21, 2022, up from 5.00% the previous week. This marks a significant increase from 2.97% a year ago. The 15-year fixed-rate mortgage also rose to 4.38%, while the 5-year adjustable-rate mortgage reached 3.75%. Rising Treasury yields are influencing these changes, creating volatility in housing demand. While the market remains a seller’s domain, competition has softened for buyers interested in home purchases.

Positive

• 30-year fixed-rate mortgage rose to 5.11%, indicating a recovery in mortgage lending.
• The housing market remains predominantly a seller's market, suggesting stable demand.

Negative

• Mortgage rates increased for the seventh consecutive week, indicating potential affordability issues for buyers.
• Rising rates have caused volatility in housing demand, which could impact future sales.

MCLEAN, Va., April 21, 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 5.11 percent.

“Mortgage rates increased for the seventh consecutive week, as Treasury yields continued to rise,” said Sam Khater, Freddie Mac’s Chief Economist. “While springtime is typically the busiest homebuying season, the upswing in rates has caused some volatility in demand. It continues to be a seller’s market, but buyers who remain interested in purchasing a home may find that competition has moderately softened.”

News Facts

• 30-year fixed-rate mortgage averaged 5.11 percent with an average 0.8 point as of April 21, 2022, up from last week when it averaged 5.00 percent. A year ago at this time, the 30-year FRM averaged 2.97 percent.
• 15-year fixed-rate mortgage averaged 4.38 percent with an average 0.8 point, up from last week when it averaged 4.17 percent. A year ago at this time, the 15-year FRM averaged 2.29 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.75 percent with an average 0.3 point, up from last week when it averaged 3.69 percent. A year ago at this time, the 5-year ARM averaged 2.83 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/abffa8e0-3344-4ac9-a6a7-8221cd8e854b

FAQ

What is the average 30-year fixed-rate mortgage rate as of April 21, 2022?

The average 30-year fixed-rate mortgage rate is 5.11% as of April 21, 2022.

How much has the 30-year fixed-rate mortgage rate increased compared to last week?

It increased from 5.00% last week to 5.11% this week.

What were the mortgage rates a year ago on April 21, 2021?

A year ago, the 30-year fixed-rate mortgage averaged 2.97%.

What impact are rising mortgage rates having on homebuyers?

Rising rates are creating volatility in demand, making the market more challenging for buyers.

What is Freddie Mac's stock symbol?

Freddie Mac's stock symbol is FMCC.