Freddie Mac published the results of his Primary Mortgage Market Survey (PMMS), showing that the fixed-rate mortgage at 30 years (FRM) averaged 5.66%.
“The market’s renewed perception of a more aggressive monetary policy has caused mortgage rates to nearly double from a year ago,” said Sam Khater, chief economist at Freddie Mac.
“The rise in mortgage rates comes at a particularly vulnerable time for housing market as sellers are recalibrating their prices due to lower purchase demand, likely resulting in a continued slowdown in price growth,” added Khater.
This is how the rates were:
Mortgage to 30 years
The fixed-rate mortgage at 30 years averaged 5.66% with an average of 0.8 points as of September 1, 2022, compared to last week when it averaged 5.55%. A year ago at this time, the FRM of 30 years averaged 2.87%.
Mortgage to 15 years
The fixed rate mortgage at 15 years averaged 4.100% with an average of 0.8 points, more than last week when it averaged 4.85%. A year ago at this time, the FRM of 15 years averaged 2.18%.
Hybrid mortgage
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.51% with an average of 0.4 points, more than last week when it averaged 4.36%. A year ago at this time, the 5-year ARM averaged 2.50%.
The PMMS focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who put up a 20% down payment and have excellent credit.
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