Mortgage rates exceed 5%

mortgage rates
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MCLEAN, Va. — Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 5.11%.

“Mortgage rates increased for the seventh consecutive week, as Treasury yields continued to rise,” said Sam Khater, Freddie Mac’s Chief Economist. “While springtime is typically the busiest homebuying season, the upswing in rates has caused some volatility in demand. It continues to be a seller’s market, but buyers who remain interested in purchasing a home may find that competition has moderately softened.”

  • 30-year fixed-rate mortgage averaged 5.11% with an average 0.8 point as of April 21, 2022, up from last week when it averaged 5.00%. A year ago at this time, the 30-year FRM averaged 2.97%.
  • 15-year fixed-rate mortgage averaged 4.38% with an average 0.8 point, up from last week when it averaged 4.17%. A year ago at this time, the 15-year FRM averaged 2.29%.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.75% with an average 0.3 point, up from last week when it averaged 3.69%. A year ago at this time, the 5-year ARM averaged 2.83%.

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