“Homebuyers continue to show resilience even though rising mortgage rates are causing monthly payments to increase by about one-third as compared to a year ago,” said
News Facts
- 30-year fixed-rate mortgage averaged 5.30 percent with an average 0.9 point as of
May 12, 2022 , up from last week when it averaged 5.27 percent. A year ago at this time, the 30-year FRM averaged 2.94 percent. - 15-year fixed-rate mortgage averaged 4.48 percent with an average 0.9 point, down from last week when it averaged 4.52 percent. A year ago at this time, the 15-year FRM averaged 2.26 percent.
- 5-year
Treasury -indexed hybrid adjustable-rate mortgage (ARM) averaged 3.98 percent with an average 0.3 point, up from last week when it averaged 3.96 percent. A year ago at this time, the 5-year ARM averaged 2.59 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.
MEDIA CONTACT:
703-714-0644
Angela_Waugaman@FreddieMac.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6af823c9-4c6d-4afd-a3b9-4bc361c4ef35
Primary Mortgage Market Survey®
U.S. weekly average mortgage rates as of May 12, 2022 .
2022 GlobeNewswire, Inc., source