Mortgage Rates Stay Relatively Flat
Freddie Mac (OTCQB: FMCC) reported on June 2, 2022, that the 30-year fixed-rate mortgage averaged 5.09%, down from 5.10% last week but significantly higher than 2.99% a year ago. The 15-year fixed-rate mortgage increased to 4.32%, while the 5-year Treasury-indexed ARM decreased to 4.04%. Chief Economist Sam Khater noted that mortgage rates are still affecting affordability and demand, even as the housing market normalizes with increased supply. The PMMS® focuses on conventional loans for excellent credit borrowers putting 20% down.
- 30-year fixed-rate mortgage decreased to 5.09%, indicating slight improvement.
- Increased supply in the housing market may lead to normalization of prices and demand.
- Mortgage rates are significantly higher compared to a year ago, affecting affordability.
- Decrease in potential homebuyer pool due to high mortgage rates.
MCLEAN, Va., June 02, 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 5.09 percent.
“Mortgage rates continued to inch downward this week but are still significantly higher than last year, affecting affordability and purchase demand,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the summer, the potential homebuyer pool has shrunk, supply is on the rise and the housing market is normalizing. This is welcome news following unprecedented market tightness over the last couple years.”
News Facts
- 30-year fixed-rate mortgage averaged 5.09 percent with an average 0.8 point as of June 2, 2022, down slightly from last week when it averaged 5.10 percent. A year ago at this time, the 30-year FRM averaged 2.99 percent.
- 15-year fixed-rate mortgage averaged 4.32 percent with an average 0.8 point, up slightly from last week when it averaged 4.31 percent. A year ago at this time, the 15-year FRM averaged 2.27 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.04 percent with an average 0.3 point, down from last week when it averaged 4.20 percent. A year ago at this time, the 5-year ARM averaged 2.64 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/f597802b-e0e2-4639-869c-5675e3668ebe
FAQ
What is the latest average for the 30-year fixed-rate mortgage as of June 2, 2022?
How has the 15-year fixed-rate mortgage changed recently?
What was the average rate for the 5-year Treasury-indexed ARM as of June 2, 2022?
How are current mortgage rates affecting homebuyers as of June 2, 2022?
What insights does Freddie Mac provide regarding the housing market on June 2, 2022?
