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Mortgage rates shift upward

MCLEAN, Va. — Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 5.51%.

“Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags,” said Sam Khater, Freddie Mac’s chief economist. “With rates the highest in over a decade, home prices at escalated levels, and inflation continuing to impact consumers, affordability remains the main obstacle to homeownership for many Americans.”

  • 30-year fixed-rate mortgage averaged 5.51% with an average 0.8 point as of July 14, 2022, up from last week when it averaged 5.30%. A year ago at this time, the 30-year FRM averaged 2.88%.
  • 15-year fixed-rate mortgage averaged 4.67% with an average 0.8 point, up from last week when it averaged 4.45%. A year ago at this time, the 15-year FRM averaged 2.22%.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.35% with an average 0.2 point, up from last week when it averaged 4.19%. A year ago at this time, the 5-year ARM averaged 2.47%.

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