MCLEAN, Va. — Freddie Mac released results of its Primary Mortgage Market Survey on Thursday, Feb. 24, showing rates from both the 15 and 30-year fixed-rate mortgage tending down.
According to the survey, a 30-year fixed-rate mortgage averaged 3.89 percent with an average 0.8 point for the week ending Feb. 24. That figure is down from last week when it averaged 3.92 percent.
It is, nonetheless, higher from rates offered a year ago at this time. Last year, the 30-year FRM averaged 2.97 percent.
The 15-year fixed-rate mortgage was down, too, averaging 3.14 percent with an average 0.7 point. That’s down slightly from last week when it averaged 3.15 percent. A year ago, the 15-year FRM averaged 2.34 percent.
“Even with this week’s decline, mortgage rates have increased more than a full percent over the last six months,” said Sam Khater, Freddie Mac’s Chief Economist. “Overall economic growth remains strong, but rising inflation is already impacting consumer sentiment, which has markedly declined in recent months. As we enter the spring homebuying season with higher mortgage rates and continued low inventory, we expect home price growth to remain firm before cooling off later this year.”
The 5-year Treasury-indexed hybrid adjustable-rate mortgage remained unchanged from last week. It averaged 2.98 percent with an average 0.3 point. Last year, the 5-year ARM averaged 2.99 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.
