2022-08-25 | OTCQB: FMCC | Press release
MCLEAN, Va., Aug. 25, 2022 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year Fixed Rate Mortgage (FRM) averaged 5.55%.
“The combination of higher mortgage rates and slowing economic growth is weighing on the housing market,” said Sam Khater, chief economist at Freddie Mac’ “Home sales continue to decline, prices are moderating and consumer confidence is low. But, amid falling demand, there are still potential buyers on the sidelines waiting to re-enter the market.”
- 30-year fixed rate mortgage averaged 5.55% with an average of 0.8 points as of August 25, 2022, up from last week when it averaged 5.13%. A year ago at this time, the 30-year FRM averaged 2.87%.
- 15-year fixed rate mortgage an average of 4.85% with an average of 0.8 points, up from last week when it averaged 4.55%. A year ago at this time, the 15-year FRM averaged 2.17%.
- 5 Year Treasury Indexed Hybrid Variable Rate Mortgage (ARM) averaged 4.36% with an average of 0.4 points, down from last week when it averaged 4.39%. A year ago at this time, the 5-year ARM averaged 2.42%.
PMMS® focuses on conventional, conforming, fully amortized home purchase loans for borrowers who have 20% 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 Definitions. 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 founding by Congress in 1970, we have made housing more accessible and affordable for buyers and renters in communities nationwide. We are building a better housing finance system for buyers, renters, lenders, investors and ratepayers. Learn more about FreddieMac.comTwitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
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