The 30-year fixed-rate mortgage averaged 2.88% this week, a small increase from last week’s 2.86%. Freddie Mac credits foreign investors for keeping rates low.
MCLEAN, Va. – Freddie Mac’s weekly mortgage survey found that the 30-year fixed-rate mortgage (FRM) averaged 2.88%. up from last week’s 2.86%.
“The slowdown in economic growth around the world has caused a flight to the quality of the U.S. financial markets,” says Sam Khater, Freddie Mac’s chief economist. “This has led to a rise in foreign investor purchases of U.S. Treasuries, causing mortgage rates to remain in place, despite the increasing dispersion of inflation across different consumer goods and services.”
According to Khater, some elements of housing market are improving: “Homebuyers continue to snap up available inventory, which has improved modestly, and home price growth is moderating,” he says. “However, the next few months will be choppy as several home builders are signaling that they are going to deliver less supply amid labor and materials shortages.”
Average mortgage rates for Sept. 23, 2022
- The 30-year fixed-rate mortgage averaged 2.88% with an average 0.7 point for the week, up slightly from last week’s 2.86%. A year ago, the 30-year FRM averaged 2.90%.
- The 15-year fixed-rate mortgage averaged 2.15% with an average 0.6 point, up from last week’s 2.12%. A year ago, it averaged 2.40%.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.43% with an average 0.3 point, down from last week’s 2.51%. A year ago at this time, it averaged 2.90%.
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Author: marlam