Mortgage Interest Rates Rise

Blog Post Image
Real Estate

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending May, 5, 2022, showing that the 30-year fixed-rate mortgage (FRM) averaged 5.27 percent.

“Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009,” said Sam Khater, Freddie Mac’s Chief Economist. “While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming months.”

 

Mortgage Interest Rates

 

  • 30-year fixed-rate mortgage averaged 5.27 percent with an average 0.9 point as of May 5, 2022, up from last week when it averaged 5.10 percent. A year ago at this time, the 30-year FRM averaged 2.96 percent.
  • 15-year fixed-rate mortgage averaged 4.52 percent with an average 0.8 point, up from last week when it averaged 4.40 percent. A year ago at this time, the 15-year FRM averaged 2.30 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.96 percent with an average 0.2 point, up from last week when it averaged 3.78 percent. A year ago at this time, the 5-year ARM averaged 2.70 percent.

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