Mortgage Rates Fall Below 7 – GuruFocus.com

MCLEAN, Virginia, November 3, 2022 (GLOBE NEWSWIRE) — freddie mac (FMCC) today announced the results of Leading Mortgage Market Research® (PMMS®), indicating that 30-year fixed-rate mortgages (FRM) average 6.95%.

Freddie Mac Chief Economist Sam Cater said: “Uncertain buyers navigating unpredictable conditions continue to experience declining demand, while other potential buyers are being sidelined in terms of affordability. Yesterday’s rate hike by the Fed will certainly inject additional lead into the bottom of the housing market.”

news facts

  • 30 year fixed rate mortgage As of November 3, 2022, it averaged 0.8 points at 6.95%, down from last week’s average of 7.08%. At this point a year ago, the 30-year FRM was averaging 3.09%.
  • 15 year fixed rate mortgage It averaged 6.29%, down 1.2 percentage points from last week’s average of 6.36%. At this point a year ago, the 15-year FRM was averaging 2.35%.
  • 5-year government bond-linked hybrid floating rate mortgage (ARM) averaged 5.95%, down 0.2 points from last week when it averaged 5.96%. A year ago at this point, the average 5-year ARM rate was 2.54% for him.

PMMS® focuses on traditional, compliant, fully amortizing home purchase loans for borrowers with a 20% down payment and excellent credit quality. The average commitment rate should be reported along with the average fees and points to reflect the total initial cost of obtaining a mortgage. See the following link for definitionBorrowers may pay closing costs that are not included in the study.

Note: Freddie Mac has made many enhancements to PMMS to improve the collection, quality and diversity of the data used. Instead of researching lenders, weekly results are based on applications received from thousands of lenders nationwide that were submitted to Freddie Mac when borrowers applied for mortgages. Additionally, we will no longer publish fees/points or adjustable rates. The newly reworked PMMS will be launched on November 17, 2022 and will be delivered every Thursday at 12:00 PM ET.

By providing mortgage financing to lenders, Freddie Mac provides homes for millions of families and individuals. Since being founded by Congress in 1970, we have made homes more accessible and affordable for homebuyers and renters in communities across the country. We are building a better home finance system for homebuyers, renters, lenders, investors and taxpayers.Click here for details FreddieMac.comtwitter @Freddie Mac and Freddie Mac’s blog FreddieMac.com/Blog.

Media Contact:
Angela Waugerman
703-714-0644
[email protected]

A photo accompanying this announcement is available at

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