The New Year Kicks Off With Raised Mortgage Rates

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 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.”

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