The Cost Of Money

Mortgage Rates Jump Up To 522%

Volatility remains persistent… for now

Freddie Mac, a US Government sponsored mortgage facilitator for consumers, has released its latest Primary Mortgage Market Survey® (PMMS®.) Visit FreddieMac.com.

MCLEAN, Va., Aug. 11, 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 5.22 percent.

“The 30-year fixed-rate went back up to well over five percent this week, a reminder that recent volatility remains persistent,” said Sam Khater, Freddie Mac’s Chief Economist. “Although rates continue to fluctuate, recent data suggest that the housing market is stabilizing as it transitions from the surge of activity during the pandemic to a more balanced market. Declines in purchase demand continue to diminish while supply remains fairly tight across most markets. The consequence is that house prices likely will continue to rise, but at a slower pace for the rest of the summer.”

News Facts

  • 30-year fixed-rate mortgage averaged 5.22 percent with an average 0.7 point as of August 11, 2022, up from last week when it averaged 4.99 percent. A year ago at this time, the 30-year FRM averaged 2.87 percent.
  • 15-year fixed-rate mortgage averaged 4.59 percent with an average 0.7 point, up from last week when it averaged 4.26 percent. A year ago at this time, the 15-year FRM averaged 2.15 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.43 percent with an average 0.0 point, up from last week when it averaged 4.25 percent. A year ago at this time, the 5-year ARM averaged 2.44 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.

 

 

 

About Freddie Mac
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Freddie Mac was chartered by Congress in 1970 to  support the U.S. housing finance system and  to  help ensure a reliable and affordable supply of mortgage funds across the country.  Rather than lending directly to borrowers,  Freddie Mac operates in the U.S. secondary mortgage market,  buying  loans that meet our standards from approved lenders. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.