Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS). The PMMS showed the 30-year fixed-rate mortgage (FRM) averaged 5.70 percent.

“The rapid rise in mortgage rates has finally paused, largely due to the countervailing forces of high inflation and the increasing possibility of an economic recession,” Freddie Mac’s Chief Economist Sam Khater said. “This pause in rate activity should help the housing market rebalance from the breakneck growth of a seller’s market to a more normal pace of home price appreciation.”

A few facts from the PMMS showed:

• The 30-year fixed-rate mortgage averaging 5.70 percent with an average 0.9 point as of June 30, 2022, was down from the previous week when it averaged 5.81 percent. A year ago, at this time, the 30-year FRM averaged 2.98 percent.
• The 15-year fixed-rate mortgage averaged 4.83 percent with an average 0.9 point, down from the previous week when it averaged 4.92 percent. A year ago, at this time, the 15-year FRM averaged 2.26 percent.
• The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.50 percent with an average 0.3 point, up from the previous week when it averaged 4.41 percent. A year ago, at this time, the 5-year ARM averaged 2.54 percent.

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.