30-Year Mortgage Rates Top 6%

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Real Estate

 

 Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending 09/15/2022, showing that the 30-year fixed-rate mortgage (FRM) averaged 6.02 percent.

“Mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding six percent for the first time since late 2008,” said Sam Khater, Freddie Mac’s Chief Economist. “Although the increase in rates will continue to dampen demand and put downward pressure on home prices, inventory remains inadequate. This indicates that while home price declines will likely continue, they should not be large.”

 

Mortgage interest rates

  • 30-year fixed-rate mortgage averaged 6.02 percent with an average 0.8 point as of September 15, 2022, up from last week when it averaged 5.89 percent. A year ago at this time, the 30-year FRM averaged 2.86 percent.
  • 15-year fixed-rate mortgage averaged 5.21 percent with an average 0.9 point, up from last week when it averaged 5.16 percent. A year ago at this time, the 15-year FRM averaged 2.12 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.93 percent with an average 0.2 point, up from last week when it averaged 4.64 percent. A year ago at this time, the 5-year ARM averaged 2.51 percent.

 

For more information o daily mortgage interest rate movements, check with your lender. You may also find information online on sites such as Mortgage News Daily.