Freddie Mac: Mortgage Rates Stay Relatively Flat in January 27th Report
Freddie Mac released the results of its Primary Mortgage Market Survey® (“PMMS”®), showing that the 30-year fixed-rate mortgage (“FRM”) averaged 3.55 percent.
“Following a month-long rise, mortgage rates effectively stayed flat this week,” said Sam Khater, Freddie Mac’s Chief Economist. “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.”
Khater continued, “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.”
- 30-year fixed-rate mortgage averaged 3.55 percent with an average 0.7 point for the week ending January 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.
- 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.
- 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.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent 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 creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
Angela Waugaman – Media Contact – Angela_Waugaman@FreddieMac.com – (703) 714-0644
Source: Freddie Mac