Mortgage rates have risen these past few weeks and that trend is expected to continue over the coming months as the Federal Reserve gets ready to, and does, increase the nation’s benchmark interest rate. Rate/Float Recommendation Lock now before rates move even higher The good news is that purchase mortgage applications have recently rebounded to above year ago levels.” This weakening in affordability is hindering many interested buyers this fall, even as the robust economy brings them into the market. It’s important to note that mortgage rates are now up three-quarters of a percentage point from last year and home prices – albeit at a slower pace – are still outrunning rising inflation and incomes. “The 30-year fixed-rate mortgage inched higher for the second straight week.īorrowing costs may be slowly on the rise again in coming weeks, as investors remain optimistic about the underlying strength of the economy. Here is what Freddie Mac’s Economic and Housing Research Group had to say about mortgage rates this week: The average rate on a 5-year adjustable rate mortgage moved up eight basis points to 3.93% (0.3 points).The average rate on a 15-year fixed rate mortgage ticked up two basis points to 3.99% (0.4 points).The average rate on the 30-year fixed rate mortgage moved two basis points higher to 4.54% (0.5 points).
#Pmms freddie mac mac#
Mortgage rates have moved higher for the second straight week according to the Freddie Mac Primary Mortgage Market Survey (PMMS). Where are mortgage rates going? Mortgage rates rise in the Freddie Mac PMMS again The consensus is for them to continue rising for the foreseeable future. We’ve now seen them rise for two consecutive weeks in the Freddie Mac PMMS. Learn more at, Twitter and Freddie Mac’s blog /blog.Mortgage rates are continuing to move higher this week. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. Borrowers may still pay closing costs which are not included in the survey.įreddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Visit the following link for the Definitions. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. The PMMS ® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. A year ago at this time, the 5-year ARM averaged 2.45 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.29 percent with an average 0.3 point, down from last week when it averaged 4.31 percent.A year ago at this time, the 15-year FRM averaged 2.10 percent. 15-year fixed-rate mortgage averaged 4.58 percent with an average 0.8 point, down from last week when it averaged 4.75 percent.A year ago at this time, the 30-year FRM averaged 2.80 percent. 30-year fixed-rate mortgage averaged 5.30 percent with an average 0.8 point as of July 28, 2022, down from last week when it averaged 5.54 percent.Now, as the market adjusts to a higher rate environment, we are seeing a period of deflated sales activity until the market normalizes.” “It’s clear that over the past two years, the combination of the pandemic, record low mortgage rates, and the opportunity to work remotely spurred greater demand. “Purchase demand continues to tumble as the cumulative impact of higher rates, elevated home prices, increased recession risk, and declining consumer confidence take a toll on homebuyers,” said Sam Khater, Freddie Mac’s Chief Economist. MCLEAN, Va., J(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 5.30 percent.