The 30-year fixed-rate mortgage (FRM) averaged 3.22% for the week ending Jan. 6, 2022, according to Freddie Mac’s latest Primary Mortgage Market Survey® (PMMS®).
Mortgage details:
- The 30-year fixed-rate mortgage averaged 3.22% with an average 0.7 point, up from last week when it averaged 3.11%. Last year, the 30-year FRM averaged 2.65%.
- The 15-year fixed-rate mortgage averaged 2.43% with an average 0.6 point. Last year, the 15-year FRM averaged 2.16%.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.41% with an average 0.5 point, unchanged from last week. Last year, the 5-year ARM averaged 2.75%.
The takeaway:
“Mortgage rates increased during the first week of 2022 to the highest level since May 2020 and are more than half a percent higher than January 2021,” said Sam Khater, Freddie Mac’s chief economist, in a statement. “With higher inflation, promising economic growth and a tight labor market, we expect rates will continue to rise. The impact of higher rates on purchase demand remains modest so far given the current first-time homebuyer growth.”
