Mortgage Rates Continue to Move Up
MCLEAN, Va., Sept. 01, 2022 (GLOBE NEWSWIRE) -- (OTCQB: FMCC) today released the results of its (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 5.66 percent.
“The market’s renewed perception of a more aggressive monetary policy stance has driven mortgage rates up to almost double what they were a year ago,” said Sam Khater, Freddie Mac’s Chief Economist. “The increase in mortgage rates is coming at a particularly vulnerable time for the housing market as sellers are recalibrating their pricing due to lower purchase demand, likely resulting in continued price growth deceleration.”
News Facts
- averaged 5.66 percent with an average 0.8 point as of September 1, 2022, up from last week when it averaged 5.55 percent. A year ago at this time, the 30-year FRM averaged 2.87 percent.
- averaged 4.98 percent with an average 0.8 point, up from last week when it averaged 4.85 percent. A year ago at this time, the 15-year FRM averaged 2.18 percent.
- (ARM) averaged 4.51 percent with an average 0.4 point, up from last week when it averaged 4.36 percent. A year ago at this time, the 5-year ARM averaged 2.43 percent.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the . Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at , Twitter and Freddie Mac’s blog .
MEDIA CONTACT:
Angela Waugaman
703-714-0644
A photo accompanying this announcement is available at
