2022-05-12 | OTCQB: FMCC | Press release
MCLEAN, Va., May 12, 2022 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Core Mortgage Market Survey (PMMS), showing that the 30-year Fixed Rate Mortgage (FRM) averaged 5.30%.
“Homebuyers continue to show resilience, even as rising mortgage rates cause monthly payments to rise by around a third from a year ago,” said Sam Khater, chief economist at Freddie Mac’ “Several factors are contributing to this momentum, including the large wave of first-time buyers looking to realize their dream of home ownership. In the coming months, we expect monetary policy and inflation to discourage many consumers, weaken buying demand and slow house price growth.”
- 30-year fixed rate mortgage averaged 5.30% with an average of 0.9 points as of May 12, 2022, up from last week when it averaged 5.27%. A year ago at this time, the 30-year FRM averaged 2.94%.
- 15-year fixed rate mortgage an average of 4.48% with an average of 0.9 points, down from last week when it averaged 4.52%. A year ago at this time, the 15-year FRM averaged 2.26%.
- 5 Year Treasury Indexed Hybrid Variable Rate Mortgage (ARM) averaged 3.98% with an average of 0.3 points, up from last week when it averaged 3.96%. A year ago at this time, the 5-year ARM averaged 2.59%.
PMMS is focused on conventional, conforming, fully amortized home purchase loans for borrowers who have a 20% down payment and 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 founding by Congress in 1970, we have made housing more accessible and affordable for buyers and renters in communities nationwide. We are building a better housing finance system for buyers, renters, lenders, investors and ratepayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
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