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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending July 21, 2022. The survey showed the 30-year fixed-rate mortgage (FRM) averaged 5.54 percent for the week.
“The housing market remains sluggish as mortgage rates inch up for a second consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably.”
- 30-year fixed-rate mortgage averaged 5.54 percent with an average 0.8 point as of July 21, 2022, up from last week when it averaged 5.51 percent. A year ago at this time, the 30-year FRM averaged 2.78 percent.
- 15-year fixed-rate mortgage averaged 4.75 percent with an average 0.8 point, up from last week when it averaged 4.67 percent. A year ago at this time, the 15-year FRM averaged 2.12 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.31 percent with an average 0.3 point, down from last week when it averaged 4.35 percent. A year ago at this time, the 5-year ARM averaged 2.49 percent.
For more information on daily mortgage interest rate movements, check with your mortgage lender. You can also check online sites such as Mortgage News Daily.
