Mortgage rates continue to rise in the US: the 30-year rate reaches 6.29%

Mortgage rates continue to rise in the US: the 30-year rate reaches 6.29%

  • FreddieMac reported that the 30-year fixed-rate mortgage rose by a quarter of a percent this week, after the 10-year Treasury yield jumped to its highest level since 2011.

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year Fixed Rate Mortgage (FRM) averaged 6.29%.

“The housing market continues to face headwinds as mortgage rates rise again this week, following the jump in the 10-year Treasury yield to its highest level since 2011,” said Sam Khater, chief economist at Freddie Mac. .

“Harmed by higher rates, home prices are softening and home sales are down. However, the number of homes for sale remains well below normal levels,” added Khater.

30 year mortgage

The 30-year fixed rate mortgage averaged 6.29% with an average of 0.9 points as of September 22, 2022, compared to last week when it averaged 6.02%. A year ago at this time, the 30-year FRM averaged 2.88%.

15 year mortgage

The 15-year fixed rate mortgage averaged 5.44% with an average of 1.0 point, more than last week when it averaged 5.21%. A year ago at this time, the 15-year FRM averaged 2.15%.

Hybrid mortgage

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.97% with an average of 0.4 points, higher than last week when it averaged 4.93%. A year ago at this time, the 5-year ARM averaged 2.43%.

PMMS ® focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who put down a 20 percent down payment and have excellent credit.

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