Mortgage Rates Maintain their Ascent
The latest Freddie Mac Primary Mortgage Market Survey (PMMS) reports a rise in the 30-year fixed-rate mortgage (FRM) to 5.89% as of September 8, 2022, up from 5.66% the previous week.
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Rhea-AI Summary
The latest Freddie Mac Primary Mortgage Market Survey (PMMS) reports a rise in the 30-year fixed-rate mortgage (FRM) to 5.89% as of September 8, 2022, up from 5.66% the previous week. In comparison, the rate was 2.88% a year ago. The 15-year FRM is now 5.16%, and the 5-year ARM stands at 4.64%. Increased mortgage rates are linked to heightened inflation and tighter monetary policies, prompting borrowers to seek multiple quotes to potentially save up to $3,000 over a loan's lifetime.
Positive
- Mortgage rates have increased, indicating a responsive market.
- Borrowers could save an average of $3,000 by obtaining five rate quotes.
Negative
- The 30-year FRM increased from 5.66% to 5.89%, reflecting higher borrowing costs.
- The 15-year FRM rose from 4.98% to 5.16%, indicating rising expenses for homeowners.
Details
News Market Reaction – FMCC
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MCLEAN, Va., Sept. 08, 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 5.89 percent.
“Mortgage rates rose again as markets continue to manage the prospect of more aggressive monetary policy due to elevated inflation,” said Sam Khater, Freddie Mac’s Chief Economist. “Not only are mortgage rates rising but the dispersion of rates has increased, suggesting that borrowers can meaningfully benefit from shopping around for a better rate. Our research indicates that borrowers could save an average of
News Facts
- 30-year fixed-rate mortgage averaged 5.89 percent with an average 0.7 point as of September 8, 2022, up from last week when it averaged 5.66 percent. A year ago at this time, the 30-year FRM averaged 2.88 percent.
- 15-year fixed-rate mortgage averaged 5.16 percent with an average 0.8 point, up from last week when it averaged 4.98 percent. A year ago at this time, the 15-year FRM averaged 2.19 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.64 percent with an average 0.4 point, up from last week when it averaged 4.51 percent. A year ago at this time, the 5-year ARM averaged 2.42 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/a086483f-ffc4-4f8a-848b-b3fb4b0b87c2
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