Freddie Mac has released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 5.89 percent.
“Mortgage rates rose again as markets continue to manage the prospect of more aggressive monetary policy due to elevated inflation,” said Sam Khater, Freddie Mac’s Chief Economist. “Not only are mortgage rates rising but the dispersion of rates has increased, suggesting that borrowers can meaningfully benefit from shopping around for a better rate. Our research indicates that borrowers could save an average of $1,500 over the life of a loan by getting one additional rate quote and an average of about $3,000 if they get five quotes.”
- 30-year fixed-rate mortgage averaged 5.89 percent with an average 0.7 point as of September 8, 2022, up from last week when it averaged 5.66 percent. A year ago at this time, the 30-year FRM averaged 2.88 percent.
- 15-year fixed-rate mortgage averaged 5.16 percent with an average 0.8 point, up from last week when it averaged 4.98 percent. A year ago at this time, the 15-year FRM averaged 2.19 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.64 percent with an average 0.4 point, up from last week when it averaged 4.51 percent. A year ago at this time, the 5-year ARM averaged 2.42 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.