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 3.22 percent.
“Mortgage rates increased during the first week of 2022 to the highest level since May 2020 and are more than half a percent higher than January 2021,” said Sam Khater, Freddie Mac’s Chief Economist. “With higher inflation, promising economic growth and a tight labor market, we expect rates will continue to rise. The impact of higher rates on purchase demand remains modest so far given the current first-time homebuyer growth.”
- 30-year fixed-rate mortgage averaged 3.22 percent with an average 0.7 point for the week ending January 6, 2022, up from last week when it averaged 3.11 percent. A year ago at this time, the 30-year FRM averaged 2.65 percent.
- 15-year fixed-rate mortgage averaged 2.43 percent with an average 0.6 point, up from last week when it averaged 2.33 percent. A year ago at this time, the 15-year FRM averaged 2.16 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.41 percent with an average 0.5 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 2.75 percent.
For more information on daily mortgage interest rate moves, check with your mortgage lender. You can also check mortgage information providers such as Mortgage News Daily.