Freddie Mac has released the results of his Primary Mortgage Market Survey (PMMS), proving this 30-year fixed rate mortgages (FRMs) averaged 6.66%.
“Mortgage rates fell slightly this week due to the current economic uncertainty”said Sam Khater, Freddie Mac’s chief economist.
“However, the rates are still quite high compared to just a year ago, which means that housing remains more expensive for potential buyersKhater added.
So were the rates
Mortgage 30 years
The 30-year fixed rate mortgage was on average 6.66% with an average of 0.8 points as of October 6, 2022, down from last week when it averaged 6.70%. A year ago at this time, the 30-year FRM was on average 2.99%.
Mortgage 15 years
The 15-year fixed rate mortgage has an average of 5.90% with an average of 1.0 point, down from last week when it averaged 5.96%. A year ago at this time, the 15-year FRM was on average 2.23%.
hybrid mortgage
The 5-year Treasury-indexed hybrid mortgage (ARM) averaged 5.36% with an average of 0.3 points, more than last week when it averaged 5.30%. A year ago at this time, the 5-year ARM was on average 2.52%.
The PMMS ® focuses on conventional, compliant and fully depreciating home purchase loans for borrowers who make a 20% down payment and have excellent credit.
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