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Freddie Mac’s weekly Primary Mortgage Market Survey report released Thursday shows that fixed mortgage rates decreased for the second consecutive week due to multiple headwinds the economy is facing, Sam Khater, Freddie Mac’s chief economist, said.
“Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods,” Khater added.
According to the report:
30-year fixed-rate mortgage averaged 5.10% with an average 0.9 point as of May 26, 2022, down from last week when it averaged 5.25%. A year ago at this time, the 30-year FRM averaged 2.95%.
15-year-fixed-rate mortgage averaged 4.31% with an average 0.8 point, down from last week when it averaged 4.43%. A year ago at this time, the 15-year FRM averaged 2.27%.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.20% with an average 0.3 point, up from last week when it averaged 4.08%. A year ago at this time, the 5-year ARM averaged 2.59%.
The survey is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% 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.