Get Our Email Newsletter

Mortgage rates slow their rise

MCLEAN, Va. — Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 6.94%.

“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% 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.”

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

Get our free newsletter

Join thousands of other lumber and building material industry leaders and keep up with the companies, people, products and issues shaping the industry.

What's New

Digital Partners

Become a digital partner ...

Sales Comp Study

Download this 55-page, in-depth study by LBM Journal of industry trends in sales force compensation and benefits. See how your organization stacks up.

Webinars

- Advertisement -

White Papers

View all ...

- Advertisement -

Partner Content

View all ...

- Advertisement -

Registration is now open for the LBM Strategies 2024 Conference