Market Watch
Freddie Mac: Mortgage rates exceed 6 percent for first time since 2008
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Market Watch
Monday, September 26, 2022
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Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS). It showed that the 30-year fixed-rate mortgage (FRM) averaged 6.02 percent.
“Mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding six percent for the first time since late 2008,” Freddie Mac Chief Economist Sam Khater said in the PMMS. “Although the increase in rates will continue to dampen demand and put downward pressure on home prices, inventory remains inadequate. This indicates that while home price declines will likely continue, they should not be large.”
Key takeaways from the survey were:
- The 30-year fixed-rate had an average 0.8 point as of Sept. 15, up from last week when it averaged 5.89 percent. A year ago, at this time, the 30-year FRM averaged 2.86 percent.
- The 15-year fixed-rate mortgage averaged 5.21 percent with an average 0.9 point, up from last week when it averaged 5.16 percent. A year ago, at this time, the 15-year FRM averaged 2.12 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.93 percent with an average 0.2 point, up from last week when it averaged 4.64 percent. A year ago, at this time, the 5-year ARM averaged 2.51 percent.
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