Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.11 percent.
“Mortgage rates have effectively been moving sideways despite the increase in new COVID cases. This is because incoming economic data suggests that the economy remains on firm ground, particularly cyclical industries like manufacturing and housing. Moreover, low interest rates and high asset valuations continue to drive consumer spending,” said Sam Khater, Freddie Mac’s Chief Economist. “While we do expect rates to rise, the push of the first-time homebuyer demographic that’s been propelling the purchase market will continue in 2022 and beyond.”
- 30-year fixed-rate mortgage averaged 3.11 percent with an average 0.7 point for the week ending December 30, 2021, up from last week when it averaged 3.05 percent. A year ago at this time, the 30-year FRM averaged 2.67 percent.
- 15-year fixed-rate mortgage averaged 2.33 percent with an average 0.7 point, up from last week when it averaged 2.30 percent. A year ago at this time, the 15-year FRM averaged 2.17 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.41 percent with an average 0.5 point, up from last week when it averaged 2.37 percent. A year ago at this time, the 5-year ARM averaged 2.71 percent.
For more information on daily mortgage rate movements you can check with your lender or online mortgage rate information sites such as Mortgage News Daily