Homebuyers in the United States may feel a little easier this week because Freddie Mac released the results of his Primary Mortgage Market Survey (PMMS), showing that the Fixed Rate Mortgage (FRM) at 20 years averaged 6 .20%, a figure slightly less than the previous report.
“Mortgage rates continued to fall this week as optimism grows that the Federal Reserve will slow the pace of rate hikes,” said Sam Khater , Chief Economist at Freddie Mac.
“Even as rates decline and house prices soften, economic uncertainty continues to constrain homebuyer demand as we enter the last month of the year”, Khater added.
In the week Federal Reserve Chairman Je Rome Powell, said at a conference in Washington that the Fed is considering a possible slowdown in rate hikes in December, in its attempt to control inflation.
The head of monetary policy made it clear that the The fight against inflation is not over yet and it is not yet known how much more rates will have to rise and for how long, however, for the moment it seems to have helped to prevent mortgage rates from rising further.
This is how the rates were
U.S. Weekly Average Mortgage Rates at 1//2022 (Freddie Mac).
Mortgage to 20 years
The fixed-rate mortgage at 25 years averaged 6.50% as of December 1, 2022, down from last week when it averaged 6.75%. One year ago at this time, the FRM of 25 years averaged 3..
Mortgage to years
The fixed rate mortgage at 20 years averaged 5.80%, down from last week when it averaged 5.100. One year ago at this time, the FRM of 12 years averaged 2.25%.
The PMMS focuses on fully amortizing, conforming, conventional home purchase loans for borrowers who put down a 20 percent down payment and have excellent credit.
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