Freddie Mac released results from its Primary Mortgage Market Survey (PMMS), indicating that 30-year fixed-rate mortgage (FRM) averaged 5.30%.
“Buying demand continues to fall as the cumulative impact of Higher rates, elevated home prices, increased risk of recession, and declining consumer confidence affect homebuyerssaid Sam Khater, chief economist at Freddie Mac.
“It is clear that in the last two years, the combination of the pandemic, historically low mortgage rates and the opportunity to work remotely stimulated more demand. Now, as the market adjusts to a higher rate environment, we are looking at a period of deflated sales activity until the market normalizesKhater explained.
This is how the mortgage rates were:
30 year mortgage
The 30-year fixed-rate mortgage averaged 5.3% with an average of 0.8 points as of July 28, 2022, down from last week when it averaged 5.54%. A year ago at this time, the 30-year FRM averaged 2.8%.
15 year mortgage
The 15-year fixed rate mortgage averaged 4.58% with an average of 0.8 points, down from last week when it averaged 4.75%. A year ago at this time, the 15-year FRM averaged 2.1%.
hybrid mortgage
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.29% averaging 0.3 points, down from last week when it averaged 4.31%. A year ago at this time, the 5-year ARM averaged 2.45%.
PMMS focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who put down a 20 percent down and have excellent credit.
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