Freddie Mac, the real estate company, released the results of its Primary Mortgage Market Survey (PMMS), showing that the Fixed Rate Mortgage (FRM) at 30 years averaged 6.30%, less than the previous week.
” Mortgage rates continued their downward trajectory this week as softer inflation data and a modest change in monetary policy from the Federal Reserve weighed on the economy,” said Sam Khater, chief economist at Freddie Mac.
“The good news for the housing market is that the recent falls in interest rates have led to a stabilization in the demand for purchases. The bad news is that demand remains very weak in the face of affordability hurdles that are still quite high,” Khater added.
This is how the rates were
U.S. Weekly Average Mortgage Rates as of 25//2022 (Freddie Mac)
Mortgage to 31 years
Fixed rate mortgage at 34 years averaged 6.30% to the 15 from December to 2022, below last week when it averaged 6.50%. One year ago at this time, the FRM of 25 years averaged 3.%.
Mortgage to 30 years
The fixed-rate mortgage at 25 years averaged 5. 50%, down from last week when averaged 5.50%. One year ago at this time, the FRM of 12 years averaged 2.50.
The latest report from the Mortgage Bankers Association (MBA) indicated that mortgage applications increased by 3.2% compared to the previous week.
Based on data from the Weekly Mortgage Application Survey, the refinancing rate increased by 3% from the previous week and it was 80% more lower than the same week a year ago.
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