2022-08-18 | OTCQB: FMCC | Press release
MCLEAN, Va., Aug. 18, 2022 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Core Mortgage Market Survey® (PMMS®), showing that the 30-year Fixed Rate Mortgage (FRM) averaged 5.13%.
“Inflation appears to have passed its peak, which has halted the rapid rise in mortgage rates that the housing market was experiencing earlier this year,” said Sam Khater, chief economist at Freddie Mac’ absorb the cumulative impact of steep price and tariff increases that have led to a drop in affordability. As a result, over the rest of the year, buying demand will likely continue to slow, supply will increase slightly, and house price growth will slow.”
- 30-year fixed rate mortgage averaged 5.13% with an average of 0.8 points as of August 18, 2022, down from last week when it averaged 5.22%. A year ago at this time, the 30-year FRM averaged 2.86%.
- 15-year fixed rate mortgage an average of 4.55% with an average of 0.7 points, down from last week when it averaged 4.59%. A year ago at this time, the 15-year FRM averaged 2.16%.
- 5 Year Treasury Indexed Hybrid Variable Rate Mortgage (ARM) averaged 4.39% with an average of 0.3 points, down from last week when it averaged 4.43%. A year ago at this time, the 5-year ARM averaged 2.43%.
PMMS® focuses on conventional, conforming, fully amortized home purchase loans for borrowers who have a 20% down payment and 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 founding by Congress in 1970, we have made housing more accessible and affordable for buyers and renters in communities nationwide. We are building a better housing finance system for buyers, renters, lenders, investors and ratepayers. Learn more about FreddieMac.comTwitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
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