Freddie Mac published the results of its Primary Mortgage Market Survey (PMMS), showing that the Fixed Rate Mortgage (FRM) at 29 years averaged 6.70%.
“Uncertainty and volatility in financial markets are strongly affecting mortgage rates,” said Sam Khater , Chief Economist at Freddie Mac.
“Our survey indicates that the range of weekly rate quotes for the fixed rate mortgage to 29 years has more than doubled over the last year. This means that, for the typical mortgage amount, a borrower who commits at the higher end of the range will pay several hundred dollars more than a borrower who commits at the lower end of the range,” added Khater.
Freddie Mac points out that the large dispersion in rates means that it has become even more important for homebuyers to compare prices with different lenders.
Here are the rates:
Mortgage to 30 years
Fixed rate mortgage at 30 year os averaged 6.7% with an average of 0.9 points at 15 September 2022, compared to last week when it averaged 6.29%. A year ago at this time, the FRM of 30 years averaged 3.%.
Mortgage to 15 years
The fixed-rate mortgage at 15 average years 5.75% with an average of 1.3 points, more than the week pass when you averaged 5.44%. A year ago at this time, the FRM of 15 years averaged 2.28%.
Hybrid Mortgage
5-Year Treasury-Indexed Hybrid Adjustable Rate Mortgage (ARM) averaged 5.30% with an average of 0.4 points, more than last week when it averaged 4 .97%. 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 down a 15 percent down payment and have excellent credit.
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