Mortgage Rates Increase above 4.5%

Blog Post Image
Real Estate

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 4.67 percent.

“Mortgage rates continued moving upward in the face of rapidly rising inflation as well as the prospect of strong demand for goods and ongoing supply disruptions,” said Sam Khater, Freddie Mac’s Chief Economist. “Purchase demand has weakened modestly but has continued to outpace expectations. This is largely due to unmet demand from first-time homebuyers as well as a select few who had been waiting for rates to hit a cyclical low.”

 

Mortgage interest rates

 

  • 30-year fixed-rate mortgage averaged 4.67 percent with an average 0.8 point for the week ending March 31, 2022, up from last week when it averaged 4.42 percent. A year ago at this time, the 30-year FRM averaged 3.18 percent.
  • 15-year fixed-rate mortgage averaged 3.83 percent with an average 0.8 point, up from last week when it averaged 3.63 percent. A year ago at this time, the 15-year FRM averaged 2.45 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.50 percent with an average 0.3 point, up from last week when it averaged 3.36 percent. A year ago at this time, the 5-year ARM averaged 2.84 percent.

For more information on daily mortgage interest rate movements, check with your mortgage lender. Or you can find mortgage interest rate information online at sites such as Mortgage News Daily.