Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 3.55 percent with an average 0.7 point for the week ending Jan. 27, 2022, down slightly from last week when it averaged 3.56 percent. A year ago, at this time, the 30-year FRM averaged 2.73 percent.
“Following a month-long rise, mortgage rates effectively stayed flat this week,” Freddie Mac’s Chief Economist Sam Khater said in a release. “Recent rate increases have yet to significantly impact purchase demand, as history demonstrates that potential homebuyers who are on the fence will often enter the market at the start of rate increase cycles.
“We do expect rates to continue to increase but at a more gradual pace. Therefore, a fair number of current homeowners could continue to benefit from refinancing to lower their mortgage payment,” Khater added.
Additional highlights from Freddie Mac’s report include:
- A 15-year fixed-rate mortgage averaged 2.80 percent with an average 0.6 point, up slightly from last week when it averaged 2.79 percent. A year ago, at this time, the 15-year FRM averaged 2.20 percent.
- A 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.70 percent with an average 0.2 point, up from last week when it averaged 2.60 percent. A year ago, at this time, the 5-year ARM averaged 2.80 percent.