Mortgage Rates Exceed Four and a Half Percent
Freddie Mac (OTCQB: FMCC) reported that the average 30-year fixed-rate mortgage rose to 4.67% for the week ending March 31, 2022, from 4.42% the previous week and 3.18% a year ago. The 15-year fixed-rate mortgage also increased to 3.83%, up from 3.63% last week, and the 5-year ARM reached 3.50%, up from 3.36%. Chief Economist Sam Khater noted that rising inflation and strong demand are driving rates up, while purchase demand remains stronger than expected, especially among first-time homebuyers.
- Purchase demand remains robust, driven by first-time homebuyers.
- Average 30-year fixed-rate mortgage is still favorable compared to last year's rates.
- 30-year fixed-rate mortgage increased from 4.42% to 4.67%, indicating rising borrowing costs.
- Inflation is impacting mortgage rates, potentially leading to decreased housing affordability.
MCLEAN, Va., March 31, 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 4.67 percent.
“Mortgage rates continued moving upward in the face of rapidly rising inflation as well as the prospect of strong demand for goods and ongoing supply disruptions,” said Sam Khater, Freddie Mac’s Chief Economist. “Purchase demand has weakened modestly but has continued to outpace expectations. This is largely due to unmet demand from first-time homebuyers as well as a select few who had been waiting for rates to hit a cyclical low.”
News Facts
- 30-year fixed-rate mortgage averaged 4.67 percent with an average 0.8 point for the week ending March 31, 2022, up from last week when it averaged 4.42 percent. A year ago at this time, the 30-year FRM averaged 3.18 percent.
- 15-year fixed-rate mortgage averaged 3.83 percent with an average 0.8 point, up from last week when it averaged 3.63 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 3.50 percent with an average 0.3 point, up from last week when it averaged 3.36 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/36e438b2-7cec-462a-8739-e03d39d67a79
FAQ
What is the current average for the 30-year fixed-rate mortgage from Freddie Mac?
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