The 30-year fixed-rate mortgage (FRM) averaged 3.22% for the week ending Jan. 6, 2022, according to Freddie Mac’s latest Primary Mortgage Market Survey® (PMMS®).
Mortgage details:
- The 30-year fixed-rate mortgage averaged 3.22% with an average 0.7 point, up from last week when it averaged 3.11%. Last year, the 30-year FRM averaged 2.65%.
- The 15-year fixed-rate mortgage averaged 2.43% with an average 0.6 point. Last year, the 15-year FRM averaged 2.16%.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.41% with an average 0.5 point, unchanged from last week. Last year, the 5-year ARM averaged 2.75%.
The takeaway:
“Mortgage rates increased during the first week of 2022 to the highest level since May 2020 and are more than half a percent higher than January 2021,” said Sam Khater, Freddie Mac’s chief economist, in a statement. “With higher inflation, promising economic growth and a tight labor market, we expect rates will continue to rise. The impact of higher rates on purchase demand remains modest so far given the current first-time homebuyer growth.”
The housing market looks like it will continue climbing, until it crashes. Is it safe to say, in our current climate, we are in a sellers/owners market rather than a buyers market!? Would you suggest potential home buyers to wait potentially even a few years? What are the trends throughout the country looking like. I am from California, home of some of the most expensive and beautiful property! You go to other places and you can possibly get alot more for your money, but there are pluses and drawbacks from my little experience. What will things look like in the next few years in this market? Thanks for your time