Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 3.92 percent.

“Mortgage rates jumped again due to high inflation and stronger than expected consumer spending,” Sam Khater, Freddie Mac’s chief economist, said in a release. “The 30-year fixed-rate mortgage is nearing 4 percent, reaching highs we have not seen since May 2019.

“As rates and house prices rise, affordability has become a substantial hurdle for potential homebuyers, especially as inflation threatens to place a strain on consumer budgets.”

The new PMMS showed:

• The 30-year fixed-rate mortgage averaging 3.92 percent with an average 0.8 point for the week ending Feb. 17, 2022, was up from the week before when it averaged 3.69 percent. A year ago, at this time, the 30-year FRM averaged 2.81 percent.
• The 15-year fixed-rate mortgage averaged 3.15 percent with an average 0.8 point, up from last week when it averaged 2.93 percent. A year ago, at this time, the 15-year FRM averaged 2.21 percent.
• The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent with an average 0.3 point, up from last week when it averaged 2.80 percent. A year ago, at this time, the 5-year ARM averaged 2.77 percent.