April Real Estate Roundup
Freddie Mac's results of its Primary Mortgage Market Survey® shows that "The combination of swift home price growth and the fastest mortgage rate increase in over forty years is finally affecting purchase demand. homebuyers navigating the current environment are coping in a variety of ways, including switching to adjustable-rate mortgages, moving away from expensive coastal cities, and looking to more affordable suburbs. We expect the decline in demand to soften home price growth to a more sustainable pace later this year."
- 30-year fixed-rate mortgage (FRM) averaged 5.1 percent with an average 0.8 points for the week ending April 28, 2022, up from last month when it averaged 4.42 percent. A year ago, at this time, the 30-year FRM averaged 2.98 percent.
- 15-year FRM this week averaged 4.4 percent with an average 0.9 points, up from last month when it averaged 3.63 percent. A year ago, at this time, the 15-year FRM averaged 2.31 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.78 percent this week with an average 0.3 points, up from last month when it averaged 3.36 percent. A year ago, at this time, the 5-year ARM averaged 2.64 percent.