By: The Working Forest Staff
“Following two weeks of declines, mortgage rates rose this week as U.S. Treasury yields increased,” said Sam Khater, Freddie Mac’s Chief Economist. “Over the long-term, we expect rates to continue to rise as inflation broadens and shortages increasingly impact many segments of the economy. However, uncertainty about the war in Ukraine is driving rate volatility that likely will continue in the short-term.”
- 30-year fixed-rate mortgage averaged 3.85 percent with an average of 0.8 points for the week ending March 10, 2022, up from last week when it averaged 3.76 percent. A year ago at this time, the 30-year FRM averaged 3.05 percent.
- 15-year fixed-rate mortgage averaged 3.09 percent with an average of 0.8 points, up from last week when it averaged 3.01 percent. A year ago at this time, the 15-year FRM averaged 2.38 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent with an average of 0.3 points, up from last week when it averaged 2.91 percent. A year ago at this time, the 5-year ARM averaged 2.77 percent.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs that are not included in the survey.