A Slight Decrease This Week In Mortgage rates

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 6.66 percent.

“Mortgage rates decreased slightly this week due to ongoing economic uncertainty,” said Sam Khater, Freddie Mac’s Chief Economist. “However, rates remain quite high compared to just one year ago, meaning housing continues to be more expensive for potential homebuyers.”

• 30-year fixed-rate mortgage averaged 6.66 percent with an average 0.8 point as of October 6, 2022, down from last week when it averaged 6.70 percent. A year ago at this time, the 30-year FRM averaged 2.99 percent.
• 15-year fixed-rate mortgage averaged 5.90 percent with an average 1.0 point, down from last week when it averaged 5.96 percent. A year ago at this time, the 15-year FRM averaged 2.23 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 5.36 percent with an average 0.3 point, up from last week when it averaged 5.30 percent. A year ago at this time, the 5-year ARM averaged 2.52 percent.