Mortgage rates slow their upward trajectory

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Freddie Mac has released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.94 percent. 

“Mortgage rates slowed their upward trajectory this week,” said Sam Khater, Freddie Mac’s Chief Economist. “The 30-year fixed-rate mortgage continues to remain just shy of seven percent and is adversely impacting the housing market in the form of declining demand. Additionally, homebuilder confidence has dropped to half what it was just six months ago and construction, particularly single-family residential construction, continues to slow down.” 

News Facts 

• 30-year fixed-rate mortgage averaged 6.94 percent with an average 0.9 point as of October 20, 2022, up from last week when it averaged 6.92 percent. A year ago at this time, the 30-year FRM averaged 3.09 percent. 
• 15-year fixed-rate mortgage averaged 6.23 percent with an average 1.1 point, up from last week when it averaged 6.09 percent. A year ago at this time, the 15-year FRM averaged 2.33 percent. 
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 5.71 percent with an average 0.4 point, down from last week when it averaged 5.81 percent. A year ago at this time, the 5-year ARM averaged 2.54 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.