Mortgage Rates Decrease Slightly

Freddie Mac (OTCQB: FMCC) reported in its latest Primary Mortgage Market Survey that the 30-year fixed-rate mortgage averaged 3.89% for the week ending February 24, 2022, down from 3.92% the previous week.

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Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported in its latest Primary Mortgage Market Survey that the 30-year fixed-rate mortgage averaged 3.89% for the week ending February 24, 2022, down from 3.92% the previous week. The 15-year fixed-rate mortgage averaged 3.14%, and the 5-year ARM remained unchanged at 2.98%. Despite the decline in rates, they have risen over a full percent in the past six months. Rising inflation is impacting consumer sentiment as Freddie Mac anticipates firm home price growth.

Positive

30-year fixed-rate mortgage decreased to 3.89% from 3.92% last week.
15-year fixed-rate mortgage decreased to 3.14% from 3.15% last week.
Stable performance in 5-year ARM at 2.98%.

Negative

Consumer sentiment has markedly declined due to rising inflation.
Mortgage rates have increased over a full percent in the last six months.

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News Market Reaction – FMCC

The recorded move for FMCC in the trading session of this news was -0.32%.

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02/24/2022 - 10:00 AM

MCLEAN, Va., Feb. 24, 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 3.89 percent.

“Even with this week’s decline, mortgage rates have increased more than a full percent over the last six months,” said Sam Khater, Freddie Mac’s Chief Economist. “Overall economic growth remains strong, but rising inflation is already impacting consumer sentiment, which has markedly declined in recent months. As we enter the spring homebuying season with higher mortgage rates and continued low inventory, we expect home price growth to remain firm before cooling off later this year.”

News Facts

30-year fixed-rate mortgage averaged 3.89 percent with an average 0.8 point for the week ending February 24, 2022, down from last week when it averaged 3.92 percent. A year ago at this time, the 30-year FRM averaged 2.97 percent.
15-year fixed-rate mortgage averaged 3.14 percent with an average 0.7 point, down slightly from last week when it averaged 3.15 percent. A year ago at this time, the 15-year FRM averaged 2.34 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent with an average 0.3 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 2.99 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 chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1510b397-24af-4d09-ba0c-c63931b52d26

FAQ

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What is the current average rate for a 30-year fixed-rate mortgage from FMCC?

The current average rate for a 30-year fixed-rate mortgage from FMCC is 3.89%.

How has the average 15-year mortgage rate changed this week?

The average 15-year mortgage rate has decreased to 3.14% from 3.15% last week.

What are the implications of rising mortgage rates for FMCC?

Rising mortgage rates can impact consumer sentiment and homebuying activity, which may affect FMCC's market performance.

How much have mortgage rates changed over the past year according to FMCC?

A year ago, the 30-year FRM averaged 2.97%, indicating a significant increase in rates over the year.

What does FMCC predict for home price growth this year?

FMCC expects home price growth to remain firm before cooling off later this year.

Mortgage Rates Decrease Slightly